Proposed Scotia sale to T&T bank poses dilemmas – -BoG awaiting formal application for licence

-BoG awaiting formal application for licence


Dr Ashni Singh

The Bank of Guyana (BoG) is awaiting a formal application for a licence and other documentation from First Citizens Bank (FCB) Limited of Trinidad and Tobago with which Canada’s Scotiabank last month announced it had reached an agreement for the sale of its operations here.

“There was a meeting two weeks ago between Central Bank and FCB and they said then that they will send in their documents for us to undertake due diligence, analyze and process,” Central Bank Governor Dr Gobind Ganga told the Sunday Stabroek when contacted for an update.

“No, not just documents pertaining to the proposed acquisition but the paperwork needed for a banking licence,” he added.