The Bank of Nova Scotia Jamaica Limited has advised that it has acquired Scotia DBG Merchant Bank Limited (SDBGMB) with the intention to eventually
consolidate SDBGMB into Scotiabank. This reorganization is aimed at improving efficiencies across Scotiabank Group through the removal of duplicate
products and services. An independent valuation of SDBGMB was conducted by Deloitte Touche Tohmatsu and this valuation was used as a basis to
determine the sale price of $879 million which was settled in cash.