- In November 28, 2019, Republic Financial Holding Limited (RFHL) announced its agreement to acquire Scotiabank’s banking operations in the British Virgin Islands (subject to all regulatory and other customary approvals and conditions).
- To address the considerable interest generated by this announcement, a compilation of possible questions and responses regarding the acquisition are included below.
Who is Republic Financial Holdings (RFHL) and what is your vision?
- RFHL is the parent company of the Republic Group. The Republic Group has a 183-year-long history of continual financial growth, personal and professional development and successful collaboration with Caribbean communities to bring about positive change.
- Engaged in a wide range of banking and financial services in the Caribbean and Ghana, the Group has an extensive branch network comprising a total of 116 branches, 344 ATMs and 6077 employees across the jurisdictions in which it maintains an active service footprint.
- We have both a long and strong relationship with many global correspondent banks, a testament to the trust and confidence held in the group.
- Our vision to continue to pursue expansion opportunities in the Caribbean is but one example of our commitment to the region. We purposefully seek opportunities in countries where our unique approach to financial services can make a meaningful difference.
Where are the Group's other Jurisdictions?Our current jurisdictions are:
Saint Kitts & Nevis
Trinidad & Tobago
What is the rationale behind RFHL's proposed acquistion of Scotiabank's British Virgin Islands operations?
- This acquisition is aligned with our efforts to diversify the Group’s income generating base, provide increased business opportunities for our clients across the territories in which we operate and further expand job prospects for our staff.
- As a regional leader in banking, we are continuously looking for new opportunities to expand our Group’s growth trajectory.
- This acquisition, in addition to the Group’s recent purchase of operations in the EC, Anguilla and St Maarten Islands, is consistent with our philosophy of expansion through organic growth.
- Bringing the BNS operations under the RFHL umbrella will create stronger economies in the respective countries, enrich career advancement opportunities for the staff of these operations, increase business opportunities for clients across the region and support stronger, more resilient societies overall.
Why did BNS sell these identified operations?It is a strategic move on the part of BNS.
Has the RFHL group done this before?
- We have a successful track record for mergers and acquisitions and of adding value to acquired subsidiaries for our customers and other stakeholders.
- Our first acquisition (of at least a majority interest) occurred in 1992 with the purchase of NCB Grenada; in 1997 we acquired Bank of Commerce in Trinidad & Tobago; in 1997 we acquired NBIC in Guyana (and, subsequently, the assets and liabilities of GNCB in 2003); in 2003 we acquired BNB in Barbados; in 2012 we acquired HFC Bank in Ghana; in 2015 we acquired Royal Bank in Suriname; in 2019 we acquired BNS operations in the EC territories (Dominica, Grenada, St Kitts & Nevis, St Lucia, and St Vincent) and Anguilla and St Maarten. The Group has also acquired smaller holdings in other entities, many of which have increased in value along the way.
What is the impact on products and services offered by Scotiabank?We are currently in a transitionary period. During this time, all pre acquisition products and services though rebranded, will continue to function in the same manner to which you have become accustomed.
Most importantly, you will continue to receive the same personalized service from your banker as all of the staff of the bank will remain on board.
What are the changes made to wire transfer instructions for incoming and outgoing wires?Changes have been made to your wire transfer instructions click here to find out more.