Republic Financial Holdings completes acquisition of Scotiabank's Caribbean operations
BRIDGETOWN, Barbados, CMC – Republic Financial Holdings Limited has now closed its acquisition of seven Scotiabank operations.
The bank said in a statement on Friday that, following receipt of approval from the Central Bank of Trinidad and Tobago, the Eastern Caribbean Central Bank and the Central Bank of Curacao and St Maarten, and the execution of the Banking Business Vesting Orders in five of the Eastern Caribbean territories, it formally acquired Scotia’s operations in Anguilla, Dominica, Grenada, St Kitts and Nevis, St Lucia, St Maarten, and St Vincent and the Grenadines.
The acquisition will add 350 team members to its staff complement, US$1.5 billion to the Group’s total asset size and US$20 million to its net profits.
The total asset base of the Republic Group will grow to approximately US$14.5 billion with profits of approximately US$260 million.
“I would like to express my thanks to the many regulators and the Governments of the seven countries for their expressions of confidence in the Group.
“I would also like to extend my appreciation to the staff of both RFHL and Scotiabank who worked tirelessly to make today a reality. I assure all of the Group’s stakeholders that their confidence and efforts are not misplaced and that the Group is looking forward to creating tremendous value in all seven jurisdictions,” said Chairman of the Republic Financial Holdings Group, Ronald Harford.
Republic Financial has established a new subsidiary in St Lucia, Republic Bank (EC) Ltd, which will serve as the head office for the Eastern Caribbean operations, excluding Grenada.
Scotia’s Grenada operations have been merged with the Group’s existing subsidiary in that country, Republic Bank (Grenada) Limited.
A new subsidiary has also been established in St Maarten, Republic Bank (St Maarten) N.V. to oversee the operations in that territory.
As indicated, when the transaction was first announced, there was no loss of jobs by staff in any country.