Georgetown: Governor of the Central Bank, Dr. Gobin Ganga said that Republic Bank (Guyana) was denied their application to take over Scotiabank in Guyana.
Republic Bank, a Trinidad and Tobago-based bank has received the green light to take control of the operations of Scotiabank in Anguilla, the Commonwealth of Dominica, Grenada, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines, pursuant to Section 43 of the Banking Act.
The Government of Guyana said the sale of Scotiabank to Republic Bank raises concerns in Guyana about an over-concentration of banking services, market domination and the ‘too big to fail’ risks.
The Central Bank Governor said that the two banks have been informed of the Bank’s decision.
He said there were a number of factors that influenced the decision, including competition and concentration in the market.
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