The Trinidad-based Republic Financial Holdings Limited (RFHL) Tuesday said it had entered into an agreement to acquire Scotiabank’s banking operations in nine Caribbean countries.
“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,” said RFHL chairman, Ronald F deC. Harford.
A RFHL statement said that the banks being acquired are located in Guyana, St. Maarten, Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.
It said that the purchase price is US$123 million, which represents US$25 million consideration for total shareholding of Scotiabank Anguilla Limited; and a premium of US$98 million over net asset value for operations in the remaining eight countries.
“This price does not include any amounts required to capitalize the branches post-closing. The agreement, executed on November 27, 2018 signalled the commencement of a transaction that is subject to all regulatory and other customary approvals and conditions,” the RFHL added.
“Scotiabank is proud to work with the Republic Group, a leader in financial services in the Caribbean who is well positioned to invest and grow the business, and to provide customers across the region with leading financial solutions that meet their needs,” said Ignacio (Nacho) Deschamps, Group Head, International Banking at Scotiabank.
Harford said the agreement, which is subject to all regulatory approvals, affords the Trinidad-based financial institution “the opportunity to reach more clients in the Eastern Caribbean and Guyana, two markets we are familiar with, and build new relationships in St. Maarten.
“We are confident that our expanded presence or entrance in those markets will redound to the benefit of Scotiabank’s clients and employees as well as Republic’s existing stakeholders,” he said, adding “ I would like to thank Scotiabank for the confidence expressed in our ability to look after their valuable clients, and we are pleased that all impacted employees of Scotiabank in the nine countries will join the Republic Group”.
The Republic Group’s total asset base as at September 30, 2018 stood at USD10.5 billion, with equity at USD 1.5 billion and profits attributable to shareholders for the year ended September 30, 2018 of US$ 198 million.
The RFHL said that the latest acquisition will increase the Group’s asset size by approximately US$ 2.5 billion and will be accretive to the earnings of the Group by approximately US$$0.20 per share. Citigroup Global Markets Inc. is advising RFHL on this transaction.
Harford said that RFHL’s focus on seeking out expansion opportunities in the Caribbean is a testament to the Group’s confidence in and commitment to the Caribbean region.
“We have a proven track record of adding value to the markets we enter, and we look forward to partnering with the teams in these territories to deliver excellence in customer satisfaction, employee engagement and social responsibility,” he said.
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After all dem EXHORBITANT banking fees that Scotiabank charge neargah, dem still couldn’t manage to meet the targets given by the puppet master?
Wonder if customers will choose to close their accounts in light of this news?
They better closed them accounts member the last time what happened with clico
Everything from north America is moving out the sanctions coming soon
no jobs are safe anymore, u in it today , not sure bout the morrow….
No jobs are safe anymore. u have it today, not sure bout tomorrow…
Uncertain times!!
My money is not going in no Trinidad company, so as soon as they ready I will now what I have to do
Why would the acquiring company not act in Scotiabank customers best interests? It would be counterproductive to do otherwise. Think about it.
Be grateful there is a qualified buyer. Thes branches could have just been closed outright but that is not happening.
Chupzz , it’s. Our money not theirs, let our money stay in Antigua, you probably forget about Clico and British American insurance
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