• Latest
GTAWU fears possible job losses following acquisition of Scotiabank

GTAWU fears possible job losses following acquisition of Scotiabank

1 year ago
Grenada will not attend first OECS Parliament session

OECS and African Union partner to overcome vaccine challenges!

7 hours ago
Grenada honey one step closer to being legally sold on Trinidad market

Government meets with unions representing public workers

18 hours ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 16 April

18 hours ago
Mia Mottley’s profile in courage on anti-discrimination

Grenadian PhD candidate sets sights on environment and climate justice

23 hours ago
Entertainers fully vaxxed and ready to perform at Sandals Grenada

Entertainers fully vaxxed and ready to perform at Sandals Grenada

1 day ago
Senator identifies finance as major shortcoming for sectors he represents

St Clair: MNIB resuming exporting of produce is good news 

1 day ago
Working together for growth & development

Working together for growth & development

1 day ago
Government says “no physical altercation” between journalist and junior minister

Collaborate with NaDMA for Covid-19 compliant relief effort

2 days ago
Securing Economic Integration: The importance of intraregional trade

Guidance for processing incoming persons from St Vincent

2 days ago
Ridge to Reef and MNIB launch Pest Management Project

MNIB resumes exporting; Increased inquiries from Barbados

2 days ago
Environmentalists unconvinced over Levera no-encroachment claim

Levera Project holding community consultations

2 days ago
SGU and Government of Grenada establish diagnostic testing facilities

SGU reopening; mandatory vaccination for all on campus

2 days ago
NOW Grenada

Main Header Ad 468x60

booked.net
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Article Header

GTAWU fears possible job losses following acquisition of Scotiabank

This story was posted 1 year ago
19 October 2019
in Business
3 min. read
Chairman of the ECCB Monetary Council and Prime Minister and Minister of Finance, Dr. Keith Mitchell signing banking business vesting order required to facilitate the acquisition.
Share

by Curlan Campbell, NOW Grenada 

  • Grenada first country to sign banking business vesting order to approve acquisition
  • Possible job losses may occur with recent acquisition of Bank of Nova Scotia operations

President General of the Grenada Technical and Allied Workers Union (GTAWU) Senator André Lewis remains concerned that possible job losses may occur with the recent acquisition of the Bank of Nova Scotia operations by Republic Bank Financial Holdings Limited (RFHL).

On Wednesday, Prime Minister and Minister of Finance, Dr Keith Mitchell in the presence of Scotiabank’s Managing Director, Caribbean East, David Parks; Managing Director, Republic Bank, Keith Johnson; and President General of the Grenada Technical and Allied Workers Union, Senator André Lewis, signed the banking business vesting order required to facilitate the acquisition. This signing came within a year since RFHL announced in a statement issued last November, that it was seeking to acquire Scotiabank operations in Guyana, St Maarten, Anguilla, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.

Lewis said he is quite pleased to have sought the interest of the workers of Scotiabank to allow them to choose whether to receive severance pay or continue with the bank under new management. “Our concern has always been the option of the workers in a situation like this to determine whether they would want to go over to Republic Bank or whether or not they will want the option for severance and be paid for their years of service. We are happy to report that we have been able to achieve that objective.”

He expressed concerned for present workers of both Republic Bank and Scotiabank. “Also, a concern to us obviously with the closing of Scotia and it being bought over by the Republic Bank, there can be the real possibility of workers losing their jobs and that will be a serious concern on our part.”

Since the ECCB Monetary Council registered no objection at its meeting convened on 6 September, Grenada became the first country to sign the banking business vesting order to approve the acquisition.

Johnson indicated his delight over the completion of negotiations and has pledged to honour the contracts of workers. “We will continue to grow the institution as a joint entity Republic Bank Grenada limited and to honour all contracts, especially contracts of the workers who are still with Scotiabank as of the acquisition date. As has been stated previously from day one, as a matter of fact, we look forward to welcoming all Scotiabank staff from what we call legal day one,” said Johnson.

Parks reiterated the importance of securing the interest of workers of Scotiabank which he said formed the basis since the start of negotiations. “The fact that Republic Bank Financial Holdings Limited, from our very initial discussions committed to allowing those individuals who wanted to join Republic Bank and guarantee them employment, was very important.”

While Grenada became the first to sign the vesting order, Antigua and Barbuda’s Prime Minister Gaston Browne, who was one of the regional leaders having reservations about the merger, has recently stated that the island In a better position to negotiate the sale of Canada-based Scotiabank branch.

The Government of Grenada has earned just over $2 million in taxes from the acquisition deal which Prime Minister Mitchell welcomes. He has admitted to expressing initial concerns for the future of workers involved, which has worked out in their best interest and well as the need for local banks to have healthy banking relations with international banks. “The ability of local banks to have international relations that connect them to what’s happening outside with other powerful banking institutions is going to be very crucial so I see Republic Bank, given its history of banking relations with international institutions, as a very important factor in the decision that I made for Grenada’s case. I think that the Monetary Council when it debated the issue over and over, I think that we felt that was a key factor.”

Prime Minister Mitchell has also called on Antigua and Barbuda – noting the size of the banking institution there – to follow suit since this acquisition must be seen as a unified regional approach.

Scotiabank and GTAWU signed a Memorandum of Understanding (MOU) in September to ensure that the rights of workers are not infringed upon.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Tags: acquisitionandre lewisbank of nova scotiacurlan campbelleccb monetary councilgrenada technical and allied workers uniongtawurepublic bank financial holdings limitedscotiabank
Next Post
Medical and Dental Council moves closer to international accreditation

Medical and Dental Council moves closer to international accreditation

Comment on story Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Home Sidebar NP 300x250

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

NOW Grenada
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.