The List?n Diario headlines the acquisition by the Bank of Nova Scotia, also known as Scotiabank, of 35 branch offices of the interposed Baninter. Most of today?s press carried photos of a tieless President Mej?a, in his office with the top executives of Scotiabank, the head of the Central Bank, Jos? Lois Malkum, and the Superintendent of Banks, Julio Cross.
These officials were on hand to sign an agreement outlining the purchase of Baninter assets and 35 of the Baninter branch offices, and to rehire former employees, according to Cross. The deal was hammered out at a meeting of the Monetary Board, and then taken to President Mej?a.
Richard Waugh, president of Scotiabank, and vice-presidents Tim Howard and Peter Cardinal were at the ceremonies, but not, as DR1 erroneously reported yesterday, Scotiabank?s CEO Peter Godsoe. This is Waugh?s second visit to the Dominican Republic. He was here in February, following his appointment as president of Scotiabank in January 2003. He explained then that his visit is part of a new effort to increase Scotiabank?s operations in the Dominican Republic, where the Canadian bank has been operating for the past 82 years.
Curiously, the List?n reports that lawyers for Ram?n B?ez Figueroa, former president of Baninter, are against this deal, saying that until the Supreme Court decides on the constitutional validity of the matter, the assets cannot be negotiated. The same newspaper, however, also quotes B?ez Figueroa as saying that he approves of the negotiations and would support the sale of the assets.