Scotiabank has announced the sale of its Guyana branch to First Citizen, a Trinidadian bank. However, the sale has not been approved by Bank of Guyana as is prescribed by the law. As such, Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh said that the announcement is wholly premature.
Dr. Singh stressed that this or any such sale is subject to a specified regulatory process, one that has not even been initiated moreover conclude.
Dr. Said that the required procedure has to be followed before the transaction can be proceeded with.
Dr. Singh said that the government of Guyana remains fully committed to the maintenance of a firm and growing financial sector.
He said too that the government is firmly committed to protecting both the strength of the financial sector as a whole as well as the interest of consumers across Guyana.