Wednesday, November 13, 2019

All Scotiabank Employees To Be Absorbed By Republic Bank Holdings

Press Release:– Regional industrial relations officials from Bank of Nova Scotia met with the Leadership and Shop Stewards of the National Workers Union (NWU) during the period of negotiations.

The meetings discussed new arrangements that Scotia Bank is currently undertaking and the implications for the Bank’s employees going forward.  The following were agreed upon:

  1. All Scotia Bank staff in and outside of the Bargaining Unit’s representational net will be absorbed by Republic Bank Holdings.
  2.     A meeting with NWU officials and Republic Bank Holdings will be scheduled shortly to discuss the way forward.

President of the National Workers Union, Tyrone Maynard said the union has requested that individual letters of absorption be given to all employees.

 

14 COMMENTS

  1. You Scotia Bank workers,make sure you get your money from Scotia.You are being fired,and that is the way you have to take it,dont be stupid,and get what is entiteled to you by law.After that you,can enter in a agreement to be incorporated to the new bank that is taking over.The union should just be there to defend and protect your rights,dont follow their directives.Get yourselves good representation,from some serious lawyers.let them handle the negotiations Dont get screwed.

  2. First off, there’s no law that says these people must get their money. They are not being fired. They all still have their jobs and are simply being transitioned to new bank ownership. If at some point later on they were to be let go due to downsizing, then by all means, they should get their money, but not now. Come on people, that’s the type of 1970’s thinking that prevents outside investment here. There’s a lot of merger & acquisition activity in the business world and if every time one company bought or merged with another, they had to pay off all the employees, even though none were losing their jobs or seniority, that would be ludicrous. It doesn’t happen in most other countries and shouldn’t happen in SL.

  3. First off, there’s no law that says these people must get their money. They are not being fired. They all still have their jobs and are simply being transitioned to new bank ownership. If at some point later on they were to be let go due to downsizing, then by all means, they should get their money, but not now. Come on people, that’s the type of 1970’s thinking that prevents outside investment here. There’s a lot of merger & acquisition activity in the business world and if every time one company bought or merged with another, they had to pay off all the employees, even though none were losing their jobs or seniority, that would be ludicrous. It doesn’t happen in most other countries and shouldn’t happen in SL.

  4. First off, there’s no law that says these people must get their money. They are not being fired. They all still have their jobs and are simply being transitioned to new bank ownership. If at some point later on they were to be let go due to downsizing, then by all means, they should get their money, but not now. Come on people, that’s the type of 1970’s thinking that prevents outside investment here. There’s a lot of merger & acquisition activity in the business world and if every time one company bought or merged with another, they had to pay off all the employees, even though none were losing their jobs or seniority, that would be ludicrous. It doesn’t happen in most other countries and shouldn’t happen in SL.

  5. Well well mister JO,lets see if you can understand this When you start any work in a company,the first thing they give you is a papper,comonly called a contract.Here on this papper that you sign,you comit your ass to the company,this company and no other.Are we OK up to here? So if the company goes broke,catches fire or is sold,your responsabilities with this company,are finished.So now they have to pay you all your years of service,and what ever else is stipulated in your contract.Now you are free to enter into a new contract with,whoever is willing to take you on.You are not a desk,a chair or a flower pot,that can be sold together with the house to a new owner.Course you can be a bit ignorant of the laws,but dont get screwed

  6. Every time you have a merger,you have to pay off all the working force.Course if you work in SS they screw you,with your pants on.Some people take advantage of us because we are to dum or nice or ignorant,or we listen to the wrong prophets.Nice language,still have their jobs,transitioned.thats how they operate.

  7. Well said and nice defense Castries fisherman.

    JO
    If Republic bank is not transferring the staff years of service, vacationing agreements, pension benefits etc to the new agreement…. in layman’s terms they are being fired.

    You however sound to be one of the middle men who knows the acquired business runnings, you will be in a position to negotiate a good deal for yourself and inturn benefit from the merger or acquisition.
    Republic bank will need to also maintain the current accounts at Scotia and learn its culture. Only a hand full of people are truely needed for this . Their other role…. to convince the staff that hey bright side you have a job.

    St.lucians know your worth and stand together divided u will not suceed.

    • Also Republic bank group reported net profits after tax of US $198 million and have a strong group of 16 subsidiaries. Paying of Scotia bank staff will not affect the company’s profit….

      Paying off the staff is not ludicrous its accounting.

      I am pretty sure republic took all these contingencies into account before agreeing on said merger or acquisition .
      So keep ur ignorance to yourself…St.Lucians are not as dumb as u may think…… 😉

  8. And one other thing the 1970 thinking you are referring is called emancipation.
    Last year Republic bank declared net profits after tax of $198 Us million and stands strong and capable of paying the staff of since it also have the support of 16 subsidiary companies.
    This will made Scotia the 17th subsidiary ,they will still report multi million dollar profits after a payout.

  9. Republic bank is carrying forward all the years of service and benefits to the employees. As such, the employees are not being severed. It is the same as if Scotia simply changed their name. Since the employees are not being severed, it makes no sense to give severance pay. The new business will still owe them all of this if they then decide to start severing people. If you owned a small farm and had a guy (Joe) helping you collect eggs, and then you sold the farm to your son, it would be only right and legal to pay Joe severance if your son didn’t keep him on. But if your son continues to employ Joe and maintains his 10 years of service, then it wouldn’t make much since to pay severance since he clearly wasn’t severed. Sure, it would be nice to give him a gift in appreciation of his dedication to the farm but that isn’t the law, nor should it be. SL needs to encourage foreign investment into hotels, factories, etc. If Sandals merges with Hilton with no impact on the employees, it would make no sense to require them all to be paid off. This type of thing only discourages much-needed investment.

  10. While the new entity will recognize years of service, one can be severed for cause by the new entity. Consequently, all the termination benefits should be determined, and paid by BNS into an escrow account. If the new entity fires someone for cause, then the accrued termination benefits should be paid to the person from the funds held in escrow.

  11. Theres a couple of hotels on the French St Marten that started off with tax free consecions,after four years still no end to construction,they declared bankrupcy and soled what was built to another buyer.New buyer got four more years of no tax concesions,on the basis that the hotel was still in construction,and they were negociating extra bank loans to finish construction and open the hotel.French goverment closed all the sights and discovered a monstrous fraud to three diffrent banks.The fantastic Chinese project for the Dutch St Marten,,the sign is all there is,same as St Lucia,that project was to start four years ago,same time the Rain Forest Adventures park started,in the Emilio Wilson estate in St Marten.This park belongs to the same owners of the Rain Forest Tram in Baboneau.How many of these tax free scams have we seen in St Lucia.how many hotels have changed owners ,and how many really have ever paid any taxes at all? Investors dont get discouraged because our workers claim for what legally belongs to them.American companys dont like the fact that we have unions here A new owner or buyer of a bussines might not want the workers that are presently working in the company he just bought,basically because he wants a clean sheet,and nothing to do with te old one that did not produce for the bussines,besides he has new ideas and ambitions.Let our workers follow our laws,they are good,very similar to Latin American countries,spacially the South American big countries and not the banana republics of Central America.

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