Republic Financial Holdings Limited (RFHL) earlier today announced that it has received regulatory approvals from the Central Bank of Trinidad and Tobago and The Financial Services Commission of the British Virgin Islands to acquire Scotiabank’s operations in the British Virgin Islands (BVI).
Late last year, after completing the sales of its operations in eight Eastern Caribbean territories, Scotiabank shared that it also planned to sell 100 per cent of its shares in the BVI franchise to RFHL.
“…further to the notice published on November 29, 2019, advising that RFHL entered into a purchase and sale agreement with the Bank of Nova Scotia to acquire its shareholding in Scotiabank (British Virgin Islands) Limited subject to regulatory approval, RFHL has now received all regulatory approvals and has officially completed the acquisition of the Bank of Nova Scotia’s operations in the British Virgin Islands as at June 1, 2020,” a statement on the Trinidad and Tobago Stock Exchange website read.
With the approvals, RFHL also received the execution of the General Banking License in the BVI.
In another statement, RFHL President and CEO Nigel Baptiste expressed gratitude to the regulators and the Government of the British Virgin Islands for their confidence in the financial 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 the BVI,” he continued.
RFHL disclosed that the acquisition will increase its staff complement by 51, reaching 6,077 team members. The group also shared that the acquisition of Scotiabank BVI will increase RFHL’s asset base to approximately US$15.5 billion.
At the end of October 2019, the BVI operation reported total assets of US$568.5 million and profits of US$14.6 million.