Basseterre, St. Kitts, November 04, 2019 (SKNIS): Existing St. Kitts and Nevis’ employees of the Bank of Nova Scotia, now renamed the Republic Bank, can rest assured that their jobs are safe. Prime Minister Dr. the Honourable Timothy Harris confirmed this at his monthly press conference, today, November 04, 2019.
“We are encouraged by the positive news that the Republic Bank has agreed to maintain employment of the existing Scotia Bank’s staff deployed here in St. Kitts and Nevis. I am particularly pleased that the new country manager is our own Mrs. Pamela Herbert-Daniel and we bid her a fond welcome back to St. Kitts and to the Bank.” said Prime Minister Harris.
In January 2019 and in subsequent meetings thereafter, the Prime Minister and Minister of Finance held discussions with representatives of the Republic Financial Holdings Limited (RFHL) during which they assured Prime Minister Harris that there would be no displacement of Scotiabank’s staff after the transaction is completed. Back in January, Ian De Souza, Principal Advisor at Advice Financial Company Limited (AdFIN), said “Not one single staff member of Scotiabank will be displaced. They will not be affected in any form or fashion. Their remuneration will remain whole.”
Prime Minister Harris is hopeful that the Republic Bank will bring its expertise to help boost the development of small-and-medium size enterprises in the Federation and broaden the country’s access to the international network of correspondent banks.
“As Scotia Bank exits after some 36 years of doing business here in the Federation, we warmly welcome Republic Bank with much hope and anticipation for a long and fruitful partnership in the years ahead. We should benefit from Republic Bank’s strong support for commercial entities, its partnership with government and its huge network of correspondent banks at a time when De-Risking is a real challenge,” the Prime Minister added.
Prime Minister Harris said that by Statutory Rules and Orders No. 30 of 2019, Bank of Nova Scotia Banking Business Vesting Order, the Government granted approval for the transfer and vesting of the relevant assets of the Scotia Bank Branch Business to Republic Financial Holdings Limited, effective October 31, 2019.