Scotiabank has announced its intention to acquire all outstanding shares of Scotia Group Jamaica Limited (SGJL) that it does not currently own, aiming to transition SGJL into a wholly-owned privately held entity. The proposal, disclosed on June 12, 2026, is part of Scotiabank's broader strategy to enhance capital and operational efficiency across its existing operations.
Transaction Details
The proposed acquisition will be executed through a court-approved Scheme of Arrangement under Jamaica's Companies Act of 2004. SGJL has entered into a definitive arrangement agreement with its majority shareholder, Scotiabank Caribbean Holding Limited (SCHL), based on the unanimous recommendation of a committee of independent directors. The agreement requires approval from SGJL's minority shareholders.
A meeting of minority shareholders is expected to be convened in the coming months to consider and vote on the transaction. If approved, the deal is anticipated to close in the fourth calendar quarter of 2026, subject to court approval and other customary closing conditions.
Financial Considerations
The total cash consideration offered to minority shareholders is approximately C$0.5 billion. The estimated impact on Scotiabank's Common Equity Tier 1 (CET1) ratio at closing is roughly 5 basis points. Following completion, SGJL shares are expected to be delisted from the Jamaica Stock Exchange.
About Scotiabank
Scotiabank's vision is to be its clients' most trusted financial partner, delivering sustainable and profitable growth. Guided by its purpose, 'for every future,' the bank helps clients, families, and communities achieve success through a broad range of services, including personal and commercial banking, wealth management, private banking, corporate and investment banking, and capital markets. With assets of approximately $1.5 trillion as of April 30, 2026, Scotiabank is one of North America's largest banks by assets and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).
Forward-Looking Statements
This document contains forward-looking statements, including those related to the proposed transaction. These statements are based on assumptions and subject to risks and uncertainties that could cause actual results to differ materially. Factors include general economic conditions, currency and interest rate fluctuations, regulatory changes, geopolitical risks, and technological disruptions. Readers are cautioned not to place undue reliance on these statements. Scotiabank undertakes no obligation to update forward-looking statements except as required by law.
