Published 27 November 2018

Buckie Got It, St. Kitts and Nevis News Source

Scotiabank to sell operations in nine Caribbean countries, more moves expected

The Bank of Nova Scotia building is shown in the financial district in Toronto on August 22, 2017.Nathan Denette / THE CANADIAN PRESS

TORONTO — The Bank of Nova Scotia plans to sell its banking operations in nine Caribbean countries and its insurance operations in two other regional markets — and its chief executive expects more international divestments in the pipeline.

Scotiabank said Tuesday it has signed an agreement to sell its banking operations in nine “non-core” markets — including Grenada, St. Maarten and St. Lucia — to Republic Financial Holdings Ltd. for an undisclosed amount.

The bank also said its subsidiaries in Jamaica and Trinidad and Tobago will sell their insurance operations to and partner with Sagicor Financial Corp. Ltd. to provide products and services in the two countries, for an undisclosed amount.

These exits are part of Scotiabank’s broader strategy to “sharpen our focus, increase scale in core geographies and businesses, improve earnings quality and reduce risk to the bank,” said its chief executive Brian Porter.

The bank intends to remain in its core Caribbean markets as well as the Pacific Alliance countries of Peru, Chile, Colombia and Mexico, but there are more divestitures on the horizon, he told analysts on a conference call.

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