Scotiabank BVI has been sold to Trinidad & Toboggan company, Republic Financial Holdings Ltd (RHFL).
In an announcement late last month, the Trinidadian company said it now owns 100 percent of the shares for Scotiabank BVI. This comes a month after RHFL took ownership of Scotibanks in other Eastern Caribbean states such as Anguilla, Dominica, Grenada, St. Kitts & Nevis, St Lucia, St Maarten and St Vincent & the Grenadines.
“This transaction supports RHFL’s strategic decision to focus on operations across the region where it can achieve greater scale and deliver the best value for customers,” RHFL said in a media release about the Scotiabank BVI.
$120 million deal
In the meantime, Trinidadian media outlet, Trinidad Express, reported that Republic Financial Holdings Ltd purchased Scotiabank BVI to the tune of $120 million.
The deal was reportedly announced via a T&T Stock Exchange notice.
“On November 27, 2019, the Board of Directors of Republic Financial Holdings Ltd (RFHL) passed a resolution to enter into a purchase and sale agreement with the Bank of Nova Scotia to acquire its shareholding in Scotia Bank BVI ltd for the total sum of US$120 million, subject to regulatory approvals,” Trinidad Express reported.
Scotiabank BVI has already confirmed the transaction on their website.
It said: “This transaction supports the bank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the best value for customers.”
Republic Bank was founded in 1837 in the twin-island state.
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