Scotia Group Jamaica Moves Closer to Going Private After Strong Shareholder Vote

• At court-convened meetings in Kingston on October 7, 2026, Scotia Group Jamaica (SGJL) shareholders approved the Scheme of Arrangement to take the company private. The buyer is Scotiabank Caribbean Holdings Limited (SCHL), which already holds 71.78% of SGJL's issued share capital, so the deal buys out the remaining minority shareholders. SCHL also approved the Scheme at a separate meeting.
• Minority shareholders would receive J$75.00 per stock unit, about a 38% premium to the 30-day volume-weighted average price as at June 11, 2026. The original offer was J$61.50, roughly 13% above that same benchmark, and the increase followed an improved proposal from SCHL after SGJL delivered strong second- and third-quarter results. At J$75, the deal is valued at J$63.50Bn.
• Support was strong. According to PwC's preliminary scrutineer report, about 77% of minority shareholders who voted backed the deal, and they held about 97% of the stock units voted. Ahead of the vote, some of SGJL's largest shareholders had entered voting support arrangements in favour of the transaction.
• The deal still needs Court approval and other customary closing conditions and is expected to close in Q4 2026. Once complete, SGJL will delist from the Jamaica Stock Exchange; Scotia has said the move aims to improve capital and operational efficiency and Scotiabank's agility in responding to market opportunities.
• The buyout fits Scotiabank's regional strategy. While RBC exited the Eastern Caribbean and CIBC sold its Caribbean franchise to Butterfield, Scotiabank kept and continued investing in larger markets like Jamaica, Trinidad and Tobago and the Dominican Republic, while shedding smaller ones. The bank has operated in Jamaica since 1889, with around 1,800 staff across 28 branches, and SGJL had assets of J$774 billion as of October 31, 2025.
• Scotiabank's Jabar Singh called the vote a validation of the offer and a sign of confidence in Jamaica's long-term future, describing it as a priority market for continued investment. SGJL CEO Audrey Tugwell Henry said the local focus stays on clients, employees and communities, though some commentators note that Caribbean capital markets depend on anchor listings like SGJL
• SGJ’s stock price has increased by 37.1% since the start of the year to close at $72.87 on October 7, 2026. At this price, the stock is trading at a price-to-book (P/B) ratio of 1.3x, which is above the Main Market median of 0.8x.

(Sources: JSE& NCBCM Research)