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On Tuesday, today Republic Financial Holdings Limited announced its entry into an agreement to acquire Scotia Bank’s banking operations in Guyana, St. Maarten and the Eastern Caribbean territories, including Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. The US $123 million purchase price represents a $25 million consideration for total shareholding of Scotia Bank Anguilla Limited; and a premium of US$98 million over net asset value for operations in the remaining eight countries. This price does not include any amounts required to capitalize the branches post-closing. Opposition Leader Philip J Pierre in the wake of the news say this brings to light the need for harmonized OECS anti-monopoly laws.

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