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Republic Financial Holdings Ltd announces $144 million increase in half-year profits


Republic Financial Holdings Ltd announces $144 million increase in half-year profits
File photo: Republic Bank branch in Rio Claro.
REPUBLIC Financial Holdings Ltd (RFHL) has announced a $144 million increase in profits for the first half of 2021, as compared to 2020.
In its unaudited financial reports RFHL announced a total of $687.3 million in half-year profits, as compared to $543.3 million the previous year.
Chairman Vincent Pereira said the profits were attributed to the group s acquisition of the British Virgin Islands operations of Scotiabank in June last year and the stabilisation of its credit portfolio.
As a result the company is $8.7 billion richer, with an 8.8 per cent increase in assets as compared to 2020. ....

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Bank of Guyana: First Citizens didn't inform regulator of Scotia deal


First Citizens Bank, Independence Square. Photo: Jeff K Mayers
The Bank of Guyana claims First Citizens did not inform the financial sector regulator about its decision to buy Scotiabank s assets in that country.
In a statement on Thursday, Guyana s Central Bank said despite a notice from First Citizens published in the TT press, where the TT bank announced its intention to acquire Scotia s assets in Guyana, the regulator was not informed.
First Citizens does not have a licence to operate in Guyana. First Citizens has not submitted an application in keeping with the requirements of the Financial Institutions Act to the Bank of Guyana to acquire control of a bank operating in Guyana, the statement said. ....

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