(Photo Credit: Melissa Edwards/BVI Platinum News)
Scotiabank BVI today announced the sale of its operations in the British Virgin Islands to Republic Bank
British Virgin Islands.
A statement from the bank indicated that it had reached an agreement for the sale of 100% of its shares in Scotiabank (British Virgin Islands) Limited to Republic Financial Holdings Limited (“Republic Bank”).
The agreement is subject to regulatory approval and customary closing conditions.
"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," Scotiabank BVI disclosed.
Republic Bank is described as a leading financial institution founded in 1837 in Trinidad & Tobago, providing a broad range of financial services to individuals, corporate and institutional clients across the Caribbean. On October 31, 2019, Scotiabank completed the sale of its banking operations in Anguilla, Dominica, Grenada, St. Kitts & Nevis, St. Lucia, St. Maarten and St. Vincent & the Grenadines to Republic Bank.
Scotiabank has temporarily scrapped the sale of its holdings in Antigua and Guyana after regulatory and political push-back.
The announcement by Scotiabank follows closely news that Canadian Imperial Bank of Commerce (CIBC) has struck an agreement to sell two-thirds of its stake in Barbados-based CIBC FirstCaribbean International Bank (CIBC FCIB) to a company run by Colombian billionaire Jaime Gilinski.
As first reported by BVI Platinum News earlier this month, the deal is said to worth some $797M and is seen as part of a wider shift in regional banking that has seen Canadian operators reduce their footprint the Caribbean.