The Financial Post reports in its Tuesday edition that Bank of Nova Scotia's plan to sell some of its Caribbean assets is facing scrutiny from a local watchdog worried about potential "anti-competitive effects." The Post's Geoff Zochodne writes that Scotiabank announced late last November that it had struck a deal to sell banking operations in nine "non-core" Caribbean markets to Trinidad and Tobago-based Republic Financial Holdings Ltd. Scotia was also selling insurance subsidiaries in Jamaica and Trinidad and Tobago to Sagicor Financial Corporation Ltd. Suriname-based Competition Commission of the Caribbean Community (Caricom) has completed a preliminary review. "Such assessment indicates that the proposed transaction or parts thereof could possibly have anticompetitive effects in at least three (3) Member States in the Community," a statement dated March 27 said. It did not say which of the 15 full members of the Caricom bloc could be affected, or give further details about any alleged "effects." However, the Caricom Competition Commission also said it would reach out to national and sector regulators in the affected areas, "for the conduct of preliminary examinations of proposed transaction" between the businesses.
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