Existing St. Kitts and Nevis’ employees of the Bank of Nova Scotia, now renamed the Republic Bank, can rest assured that their jobs are safe Prime Minister Dr. the Honourable Timothy Harris said this at his monthly press conference Monday.
“We are encouraged by the positive news that the Republic Bank has agreed to maintain employment of the existing Scotia Bank’s staff deployed here in St. Kitts and Nevis. I am particularly pleased that the new country manager is our own Mrs. Pamela Herbert-Daniel and we bid her a fond welcome back to St. Kitts and to the Bank.” said Prime Minister Harris.
Since January 2019, the Prime Minister and Minister of Finance held discussions with representatives of the Republic Financial Holdings Limited (RFHL) during which they assured Prime Minister Harris that there would be no displacement of Scotiabank’s staff after the transaction is completed.
“As Scotia Bank exits after some 36 years of doing business here in the Federation, we warmly welcome Republic Bank with much hope and anticipation for a long and fruitful partnership in the years ahead. We should benefit from Republic Bank’s strong support for commercial entities, its partnership with government and its huge network of correspondent banks at a time when De-Risking is a real challenge,” the prime minister said.
By Statutory Rules and Orders No. 30 of 2019, Bank of Nova Scotia Banking Business Vesting Order, the government granted approval for the transfer and vesting of the relevant assets of the Scotia Bank Branch Business to Republic Financial Holdings Limited, effective Oct. 31.