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Dear Reader
On Sunday, December 2nd, Prime Minister Leona Romeo Marlin made it known that a meeting between the management of the Bank of Nova Scotia and the Council of Ministers (COM) was scheduled to take place on December 7th at the Government Administration Building in Philipsburg.
During the meeting, it was expected that the management of Scotiabank would elucidate and share pertinent information based on the announcement of the sale of its operations on St. Maarten and eight other Caribbean territories to the Republic Financial Holdings Limited (Republic Bank).
Representatives of the Central Bank of Curacao & Sint Maarten (CBCS) were also invited to attend the meeting. On the website of the Central Bank of Curacao & Sint Maarten it states, that one of its key functions is, to supervise banking and other credit institutions to primarily promote the stability, integrity, efficiency, safety, and soundness of the financial sectors of the countries Curacao and Sint Maarten in general and to safeguard the interest of the depositors and other creditors of the banking and other credit institutions in particular.
Prime Minister Leona Romeo Marlin on behalf of the Council of Ministers said, “I am confident that the Central Bank will execute its function with respect to this matter, to ensure that the interests and wellbeing of all stakeholders including the employees and clients of Scotiabank are fully adhered to base on the laws that govern Sint Maarten.”
However, according to a report in The Daily Herald, Prime Minister Leona Romeo-Marlin had told reporters on Wednesday, December 12th, that Scotiabank had requested the postponement of the meeting and indicated that a new meeting would be held in early 2019. The reason for requesting the postponement was not mentioned.
Scotiabank Managing Director for Caribbean East David Parks had told The Daily Herald recently that workers at the two Scotiabank locations in St. Maarten will be joining Republic Bank, subject to regulatory approvals, following the sale. The bank is expected to change its name to Republic Bank after the sale transaction.
Parks made clear that all banking operations will continue normally in the various jurisdictions, including in St. Maarten, The Daily Herald concluded its
report.
As to the reason for the postponement, we would like to refer our readers to a
column by Sir Ronald Sanders titled "Scotiabank Obligation for Decades of Profits" wherein he points out a curious double standard is being applied by the Bank of Nova Scotia (BNS) by its decision to sell its operations in nine Caribbean countries to Republic Financial Holdings Limited (RFHL) of Trinidad and Tobago. Sanders uses his column to point out several reasons why a possible sale will not take place as quickly as the Bank of Nova Scotia would like.
In St. Maarten the Minister of Finance and the Central Bank (CBCS) would do well to follow the lead of Antigua and Barbuda where Prime Minister Gaston Browne is demanding that local indigenous banks be given the opportunity first to buy the two branches of Scotiabank in the twin-island state of Antigua and Barbuda.
Given that St. Maarten does not have any local indigenous bank capable of making a bid for the two Scotiabank branches in St. Maarten, a public-private initiative to raise funding to buy the Scotiabank branches in St. Maarten should be entertained as an option.
Like Antigua and Barbuda, St. Maarten should be concerned with "enlarging the capacity of its local banks and enhancing their resilience as a legitimate concern in the best interest of its financial system." In the long run, that would also be in the best interest of the people of St. Maarten. Read Sir Ronald Sanders
column and see if you agree with us.
In the meantime, do enjoy reading our full newsletter today.
Happy readings!
StMaartenNews.com
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StMaartenNews.com Lead Stories
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St. Maarten still a billion short after Dutch recovery-aid
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NAGICO's Christmas Raffle
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MOTORCYCLE EXTENSIVELY DAMAGED IN ACCIDENT
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Information meeting about Victim Crime Fund
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Air Quality Assessment Recommends Health and Safety...
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Prosecutor, litigants keep govt. under pressure in dump case
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Sint Maarten continues quest to join CARICOM
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MP Jacobs: Budget Debate is going to be very interesting
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MP Jacobs seeking Parliamentary session about Rules of Order
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Rotary Club of St. Martin Sunset Celebrates Its Charter
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Rotary Sunset hosts Karaoke and Games night at Sr Basilia
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StMaartenNews.com Curacao News
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Motiva Enterprises preliminary picked to run Isla Refinery
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StMaartenNews.com Finance News
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US judge: Ansary must make 100 million dollars available ...
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Column: "Scotiabank Obligation for Decades of Profits"
By Sir Ronald Sanders~ Antigua, Friday Dec.14, 2018 - A curious double standard is being applied by the Bank of Nova Scotia (BNS) by its decision to sell its operations in nine Caribbean countries to Republic Financial Holdings Limited (RFHL) of...
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StMaartenNews.com BES-Islands News
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Positive response in The Hague to the Saba Package ...
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Captain Krul and Bakker, and Sergeant Schuurs visit Lt. Gov
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StMaartenNews.com Weather
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Weather Forecast: Monday to Wednesday. Small Craft advisory
DATE ISSUED: Sunday, December 16, 2018 @ 18:00 LST (22:00 UTC) VALID UNTIL: Monday evening (18:00 LST) December 17, 2018 ...A SMALL CRAFT ADVISORY IS IN EFFECT FOR ST. MAARTEN UNTIL 6:00 AM; MONDAY, DECEMBER 17, 2018... Tonight through Monday...
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StMaartenNews.com Business News
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NAGICO launches the Hurricane Xtra Policy
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StMaartenNews.com Billboard Notices
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Traffic Interruption on Simpson Bay Causeway Bridge Tuesday
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Review LuminAID Packlite Max, a Solar Powered Phone Charger
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CPS: Advises persons at risk to get their flu vaccine
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Should the people of St. Maarten make a bid to buy Scotiabank's two local branches?
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I don't know enough about banking and finance to decide.
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If we can raise the capital, why not!
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StMaartenNews.com - Regional News
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Nine Caribbean Countries Named in Recall of Del Monte Corn
MARYLAND, United States, Friday December 14, 2018 - American company Del Monte Foods has recalled incompletely sterilized cans of one of its corn products from nine Caribbean countries, because of potential contamination.
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StMaartenNews.com Advertisement
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FOR SALE: Red 2004 Ford Escape Jeep
Asking price $6,500 US Dollars. Call or whatsapp 588-0800 for more information.
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StMaartenNews.com Online News Stories
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Antigua PM Invites Scotiabank to Meet With Banks...
ST JOHN'S, Antigua, Friday December 14, 2018 - Prime Minister Gaston Browne has invited officials of Scotiabank to a January 7, 2019 meeting to discuss the purchase of the bank's branch holdings in Antigua and Barbuda. The invitation is contained ...
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www.caribbean360.com
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Let's Cruise - Eastern, Western, Southern Caribbean...
Lets-Cruise.co is offering cruise vacations on the best and biggest cruise ships in the world with brand name cruises and destinations in the Eastern, Western and Southern Caribbean, Alaska, Europe and the Mediterranean, ...
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Antigua Insists on Deal for Local Banks in Exchange for...
ST JOHN'S, Antigua, Thursday December 13, 2018 - Antigua and Barbuda's Prime Minister Gaston Browne is adamant that his government will not give Scotiabank the vesting order it needs to sell its local operations unless indigenous banks are...
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Sandals sex scandals hit US media
By Youri Kemp Caribbean News Now associate editor ~ NASSAU, Bahamas - Multiple sexual assault allegations reported in US media are rocking Sandals Resorts International (SRI) - facetiously being re-branded by some...
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Three Quakes Hit Caribbean Overnight
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StMaartenNews.com Advertisements
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StMaartenNews.com Dutch News
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The Correspondent reaches its US crowdfunding target
Dutch online journalism website De Correspondent has raised $2.5m via crowdfunding to launch a version of their platform in the US. In total, almost 43,000 people have put money into the project to produce an English language version of the site, ...
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Dutch secondary school system too rigid, leads to...
The Dutch education council is recommending that first year secondary school pupils should be taught in mixed ability classes so that they get to know people from a wider section of society. The proportion of mixed ability first year classes,...
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Man, three women arrested in nude photo blackmail scam - ...
One man and three women have been arrested for blackmailing at least 10 young women by threatening to place nude photographs of them online, Zeeland police said on Friday. The victims, aged between 18 and 25, come from all over the country and...
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SXM Daily News - 14 Dec 2018
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Book your November trip with AirSXM
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Looking for a November vacation trip? Search for flights, hotels, car rentals and vacation packages online on AirStMaarten's booking site.
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