London Daily

Focus on the big picture.
Saturday, May 31, 2025

Scotiabank Pensioners Write Legislators

Scotiabank Pensioners Write Legislators

Following news of the sale of Scotiabank BVI to Republic Financial Holdings (Republic Bank), pensioners of the local bank wrote to the five members of the Opposition informing them of their worry and uncertainty about their future.
Leader of the Opposition Hon. Marlon Penn during a press conference on Monday December 16, disclosed that the Opposition was not given official notice of the sale.

“I learned of it in the news. I learnt of the takeover for both CIBC and Scotiabank in the media. It is something that I brought up in the House of Assembly during the budget debate I think it is an important subject,” Hon. Penn said.

The Leader of the Opposition explained that his discussion with other legislators stemmed from the fact that there is a tradition that Representatives in cases such as this take-over would enquire of the plan for the Virgin Islanders employed with the entity.

“When any company comes into the Territory we need to make sure that our people are no less off than they were previously. You have to also ensure that the pensioners, persons who have enjoyed certain benefits under the old regime do not lose those benefits,” he said.

He indicated that he raised the matter with Premier and Minister of Finance, Hon. Andrew Fahie.

"It is something that we’re going to ask specifically questions on going forward to ensure that the people who are being impacted by this change ….are not less off than they were previously,” Hon. Penn told the media.

The Leader of the Opposition then disclosed that the pensioners of the bank contacted the members of the Opposition.

“The pensioners had reached out to us. They’ve expressed their concerns to ensure that they get a fair share in the process; and we are here to make sure of that,” Hon. Penn stated.

The Leader of the Opposition said that his group of legislators will make representation to the government, the regulator and whoever “has to make the final decision to ensure that those persons get a fair shake in the process.”

However, Hon. Penn said that the concerned persons indicated that they would like to hear what the management of the two banks propose before meeting with the legislators.

"I know they were supposed to have some meeting with management of the particular organizations, so I think once they’ve had those discussions then we will be able to better understand what their concerns are as it relates to the buyout and takeover. It is something that is on our radar that we are concerned about not only for these two organizations,” Hon. Penn stated.

Scotiabank BVI, which is a subsidiary of Canadian Bank of Nova Scotia announced last month that it is in agreement with Republic Bank to sell its operations in the British Virgin Islands.

Scotiabank has been operating in the Territory since 1967 offering both retail and commercial banking services. The decision follows a pattern of takeovers by Republic Bank of Scotiabank's operations in the Caribbean.
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×