Scotiabank no longer selling operations to First Citizens Bank

After more than a year of negotiations, Scotiabank on Thursday announced that it is no longer selling its operations to First Citizens Bank.

“Scotiabank announced today that the agreement for the sale of its banking operations in Guyana to First Citizens Bank Limited has expired. The agreement has been terminated in accordance with its terms.

“Scotiabank remains committed to providing the highest level of customer service and quality banking solutions to our customers in Guyana and across the Caribbean,” a brief statement from the bank noted early on Thursday. 

Scotiabank first announced the sales to First Citizens on March 3, 2021, and had noted that “this transaction supports Scotiabank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the highest value for customers.”

Scotiabank’s current operations in Guyana encompass four branches and approximately 180 employees. 

It was only in March this year that Governor of the Bank of Guyana Dr. Gobind Ganga told the News Room that the process was still ongoing to determine whether a banking/financial license will be issued to Trinidad’s First Citizens Bank Limited (FCB) to operate in Guyana.