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CARICOM Competition Commission monitoring Scotiabank takeover

CARICOM's cartel-busting watchdog may eventually have its say on looming changes to the region's banking and insurance landscape.
 
The Caribbean Community Competition Commission said it was watching "with concern" the plans by Trinidadian banking conglomerate Republic Financial Holdings Inc to acquire Canadian giant Scotiabank's operations in nine Caribbean countries.
 
The Commission said it noted the concerns of bank customers and governments across the region regarding the proposed US$123 million acquisition banking deal with Republic Financial.
 
Scotiabank also announced that its Scotia Life Insurance business in Jamaica and Trinidad & Tobago would go to a new Sagicor company, following a deal by Toronto-based firm Alignvest, to acquire Sagicor Financial Corporation.
 
Both deals are subject to regulatory and other approvals.


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