Ex-St Lucia MP warns of consequences with Scotiabank's exit

A former government minister in St. Lucia, Peter Josie, has warned of potential dire consequences from the decision by Scotiabank to exit nine Caribbean countries, including St Lucia.

Scotiabank on Tuesday announced plans to sell the Caribbean businesses to Trinidad and Tobago-based Republic Financial Holdings subject to regulatory approvals and closing conditions.

Josie has expressed concern that the reserve currencies of the countries of the Organisation of Eastern Caribbean States (OECS) in US dollars could be put at the mercy and in the hands of Republic Bank or its agents in Trinidad and Tobago.

He called for the Prime Minister and others to look into the matter and try to summon a meeting of all OECS leaders and Finance Ministers to see if they can halt the deal.

He noted that Republic Financial Holdings was not buying Scotiabank in Jamaica, Barbados, Trinidad and Tobago or anywhere else in the Caribbean.