Retired banker Everette Christian says he is delighted that the local Scotiabank saga has come to a conclusion.
On Tuesday, October 13, it was announced that the Eastern Caribbean Amalgamated Bank (ECAB) had bought the operations of the Canadian institution. And Christian is pleased that ECAB, an amalgamation of regional banks, was able to step up to the plate.
Asked to speculate on the outcome if ECAB had not stepped in and purchased Scotiabank’s operations, this is what Christian has to say:
ECAB issued a press release yesterday, announcing that it had reached an agreement to purchase the Bank of Nova Scotia’s operations in Antigua. However, it noted the sale is subject to regulatory approvals and other customary closing conditions.
Until regulatory approvals are obtained and the transaction closes, both Scotiabank locations will continue operations as usual and uninterrupted.
On Tuesday, staff members met with their bargaining agent, the Antigua & Barbuda Workers Union to be formally apprised of the change of ownership.
The workers, who number more than 65 persons, were reportedly given three options: Severance; severance and reapplication for employment; or continued employment with salary and benefits intact.