The Eastern Caribbean Amalgamated Bank Limited ECAB has received regulatory and government approval and has closed the transaction to acquire the Brand of Nova Scotia operations in Antigua and Barbuda.
The bank’s manager Michael Spencer the next state is to address the
integration of Scotia Bank accounts and services into ECAB’s system.
On November 27, 2018, Scotiabank announced its intent to sell its businesses in nine small Caribbean markets including Antigua and Barbuda, for US$123 million to Trinidad and Tobago-based company Republic Financial Holdings Ltd.
However, Prime Minister Gaston Browne was adamant that an indigenous bank should be allowed to purchase Scotia’s local operation.
Almost two years later, in 2020, Scotia reached a deal to sell its operations in Antigua to ECAB ending the standoff with the Antiguan government that scuttled the previous effort to sell the business.
Scotiabank operated two branches in the twin-island nation with approximately 70 staff.