Antigua and Barbuda advises no vesting order for Scotiabank sale

Antigua and Barbuda Prime Minister Gaston Browne has advised the Eastern Caribbean Central Bank (ECCB) that his government will not be issuing a vesting order to facilitate the Bank of Nova Scotia’s divestment of its Antigua holdings about which there was no consultation.

The Prime Minister today wrote to Timothy Antoine, the Governor of the ECCB which has regulatory responsibility for banks operating in Antigua and Barbuda’s domestic financial space.

In this letter, Prime Minister Browne told the ECCB Governor that: At no stage was the Government of Antigua and Barbuda consulted by the Bank of Nova Scotia nor was its agreement sought in this matter.  The people of Antigua and Barbuda, including many persons holding deposits and other investment instruments with…

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