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Posted: Wednesday 28 November, 2018 at 1:45 PM

Scotiabank to be sold to Republic Bank

By: Staff Reporter,

    BASSETERRE, St. Kitts – THE Scotia Bank operations in St. Kitts and Nevis, along with those in eight other Caribbean markets, will be brought under the ownership of the Republic Financial Holdings Limited (Republic Bank).


    According to the business financial post, the Bank of Nova Scotia plans to sell its banking operations in nine Caribbean countries and its insurance operations in two other regional markets.



    The Nova Scotia operations in Anguilla, Antigua, Dominica, Guyana, St. Kitts & Nevis, St. Vincent and the Grenadines, St. Lucia, St. Maarten and Grenada are all being acquired by the Trinidad and Tobago-based company.



    According to the Post’s report, Scotia Bank indicated that its subsidiary operations in Jamaica and Trinidad and Tobago will sell their insurance operations to and partner with Sagicor Financial Corp. Ltd. to provide products and services in the two countries, for an undisclosed amount.



    Media reports placed the acquisition at US$123 million. The Trinidad Guardian reported that US$25 million is for the to­tal shareholding of Sco­tia­bank An­guil­la Lim­it­ed and a pre­mi­um of US$98 mil­lion over net as­set val­ue for op­er­a­tions in the other eight territories.



    A statement from RFHL chair­man, Ronald F deC. Har­ford said: “This ac­qui­si­tion rep­re­sents an­oth­er ma­jor mile­stone for the Re­pub­lic Group. As we grow and ac­quire sig­nif­i­cant po­si­tions in our ex­ist­ing mar­kets, it is im­por­tant that we con­tin­ue to broad­en our foot­print, region­al­ly and in­ter­na­tion­al­ly,”.



    The statement said the price does not in­clude any amounts re­quired to cap­i­tal­ize the branch­es post-clos­ing.



    According to RFHL, the agree­ment, ex­e­cut­ed on No­vem­ber 27, 2018 signaled the com­mence­ment of a trans­ac­tion that is sub­ject to all reg­u­la­to­ry and oth­er cus­tom­ary ap­provals and con­di­tions.



    Up to press time, no details were given by Nova Scotia St. Kitts.


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