Basseterre, St. Kitts. November 27, 2018. – St. Kitts and Nevis is one of nine markets to be directly impacted by an agreement entered by Republic Financial Holdings Limited (RFHL) to acquire Scotia Bank’s operation in a significant chunk of the regional market. The other territories set to be affected are Guyana, St. Maarten, Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines.
This was disclosed by media release disseminated by RFHL.
Attempts made to reach the Scotia Bank country manager for St. Kitts and Nevis, Gordon Julien, to explain the ramifications of the pending agreement have been unsuccessful.
According to the RFHL release, “the purchase price is USD123 million, which represents USD25 million consideration for total shareholding of Scotia Bank Anguilla Limited ; and a premium of USD98million over net asset value for the remaining eight countries.”
The Canadian Broadcasting Corporation (CBC) is reporting that the announcement of the agreement comes as The Bank of Nova Scotia’s fourth-quarter earnings fell just shy of expectations, despite a fourth quarter where profits rose by 10%.
Bank of Nova Scotia subsidiaries in Jamaica and Trinidad and Tobago will also sell their insurance operations and partner with Sagicor Financial Corp. Ltd. to provide products and services in the two countries, for an undisclosed amount.