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Scotiabank enters into agreement to sell its banking operations in 9 non-core markets in the Caribbean: St. Kitts and Nevis Included

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By: Staff Writer

Scotiabank today announced agreements with respect its Caribbean operations as part of its strategy to focus the Bank’s efforts on its core markets with significant scale.

The Republic Financial Holdings Limited (RFHL) entered into an agreement to acquire Scotiabank’s banking operations in St. Kitts and Nevis, Guyana, St. Maarten and the Eastern Caribbean territories, including Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Lucia, and St. Vincent and the Grenadines.

These transactions are not financially material to Scotiabank. Scotiabank’s common equity tier one capital ratio will increase by approximately 10 basis points on closing. Until such approvals are obtained and conditions are met, and the transactions close, all Scotiabank operations in these countries will continue as usual.

As per information disseminated, the purchase price is USD 123 million, which represents USD 25 million consideration for total shareholding of Scotiabank Anguilla Limited; and a premium of USD 98 million over net asset value for operations in the remaining eight (8) countries. This price does not include any amounts required to capitalize the branches post-closing.

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

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