CARICOM Competition Commission floats concerns about Scotiabank deal

CARICOM’s Competition Commission (CCC) has “reached out” to the local Competition and Consumer Affairs Commission (CCAC) following an assessment of the impact the proposed sale of Scotiabank assets in nine Caribbean territories is likely to have on the regional banking sector.

A press statement from CCC indicated that a completed a preliminary assessment indicates that the proposed transaction or parts thereof could possibly have anti-competitive effects in at least three Member States in the Community.

The three states have not been identified but CCC has indicated that it will “approach those national competition authorities and sector regulators in affected Member States in accordance with Article 176(1) of the Revised Treaty of Chaguaramas for the conduct of preliminary examinations of proposed transaction between the enterprises.”  This article grants CCC the power to request an investigation if it “has reason to believe that business conduct by an enterprise in the CSME prejudices trade and prevents, restricts, or distorts competition within the CSME and has cross-border effects.”….

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