by Linda Straker
- Notice of Cancellation of External Company printed in 26 March 2021 Government Gazette
- Bank of Nova Scotia legally ceased to exist with effect from 11 March
- Bank of Nova Scotia operations acquired by Republic Bank Financial Holdings Limited
As of 11 March 2021, the Company Register at the Corporate Affairs and Intellectual Property Office (CAIPO) advised that the Bank of Nova Scotia (Scotiabank) legally ceased to exist and its records will be placed in the archives.
“Notice is hereby given that in accordance with the Companies Act of Grenada, Cap. 58A of the Continuous Revised Edition of the Laws of Grenada, 2010 the following Company has been cancelled off the Register of Companies pursuant to Section 352 of the Act with effect from 11th March 2021 The Bank Of Nova Scotia,” said a Notice of Cancellation of External Company printed in the 26 March 2021 Government Gazette.
Scotiabank was registered as External Company Number 4 of 1963-211.
The Companies Act mandates that when an external company ceases to carry on its business in Grenada, the company shall file a notice to that effect with the Registrar, who shall thereupon cancel the registration of the company under this Act. “If an external company ceases to exist and the Registrar is made aware of that circumstance by evidence satisfactory to him or her, the Registrar may cancel the registration of the company under this Act,” states subsection 2 of section 352.
On 16 October 2019, Prime Minister and then Minister of Finance, Dr Keith Mitchell, became the first regional leader to sign the vesting order required to facilitate the acquisition of the Bank of Nova Scotia operations by Republic Bank Financial Holdings Limited.
The planned acquisition was first announced in 2018, and in September of 2019, the Eastern Caribbean Central Bank (ECCB) in consultation with the ECCB Monetary Council approved the application for the transfer of Scotiabank’s assets and liabilities in Grenada and 5 other Caribbean countries.
Scotiabank’s Grenada operations have been merged with the Group’s existing subsidiary in Grenada, Republic Bank (Grenada) Limited. The acquisition at the time of the announcement added US$1.5 billion to the Group’s total assets and US$20 million to its net profit.
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