What will happen to Scotiabank?

The Republic Financial Holdings Ltd. out of Trinidad and Tobago is in the process of acquiring the Scotiabank branch here on St. Maarten. In a conversation with a member of the communications department it was confirmed that the bank is finalizing the process of acquiring the operations but can’t say for sure when exactly the operation will start here on St. Maarten.

For the moment the bank is operating out of containers placed in their parking lot next to their main building in Philipsburg, while the building is been repaired after damages it suffered at the hands of hurricane Irma of 2017. In late November 2018 Scotiabank announced that it was getting rid of its branches in the Caribbean region affecting operations in some nine Caribbean countries including St. Maarten. There has been no official word from the central bank of Curacao and St. Maarten or the Government about the sale of the bank and how it will affect our economy and its people.

By the time the construction is completed, the Scotiabank logo will disappear and the branding of the new owners of the operation will then be visible. In the meantime its business as usual for account holders and the public using the banking services at its two locations.

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