PPP Minister Dr. Ashni Singh Says Sale of ScotiaBank Guyana Operations To Citizen Bank Is Illegal

Dr. Ashni Singh, a senior minister in the President’s Office with responsibility for Finance, called the announcement, which came via a media release from Scotiabank on Wednesday afternoon, “premature and inappropriate.”

The sale of Scotiabank to the regional bank follows the previous APNU+AFC government’s refusal to allow the sale of Scotiabank to Republic Bank, which already has a presence in Guyana, a few years ago.

“The government considered it unfortunate that this transaction was announced considering that any such transaction is subject to a specified regulatory process,” Dr. Singh said that the regulatory framework outlined in the Financial Institutions Act had not been followed.

“Section Two of the Financial Institutions Act stipulates that no financial institution may transfer the whole or a substantial part of its operations in Guyana without the approval of the Bank of Guyana… considering that the law makes this requirement it was premature to announce the transaction,” he added.