Republic Bank Buys Scotia British Virgin Island (BVI)
- Republic Financial Holdings Limited (RFHL) announced yesterday that it has reached an agreement to acquire an eighth Scotia Bank operation in the Caribbean, which comes after its previous purchase of Scotia Bank’s operations in seven countries which includes Anguilla, Dominica, Grenada, St. Kitts & Nevis, St. Lucia, St. Maarten and St. Vincent and the Grenadines.
- The Trinidadian entity stated that it is buying 100% of the shares of the British Virgin Island operations from Scotia Bank, for consideration it did not publicly disclose.
- Management has stated that the transaction supports its strategic decision to focus on operations across the region where it can achieve a greater scale and deliver the best value for customers.
- The company recorded a net profit of TT$1.58Bn for the year ended September 2019, which was an increase of $258Mn or 19.5% over the profit of TT$1.32Bn earned the 2018 financial year.
(Source: Trinidad Express)