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(Photo: CNC3)

Republic acquires seven regional Scotiabank operations

(Photo: CNC3)

Republic Financial Holdings Limited (RFHL) acquired seven Scotiabank operations within the region on October 31.

Republic will assume seven Scotiabank operations in the region. (Photo: CNC3)

The deal means Republic will now assume the operations of Scotiabank in Anguilla, Dominica, Grenada, St Kitts-Nevis, St Maarten and St Vincent and the Grenadines.

According to a statement from RFHL, the acquisition will add 350 team members to its staff complement and US$1.5 billion to the Group’s total asset size and US$20 million in net profits.

The total asset base of the Republic Group will grow to US$14.5 billion with profits of approximately US$260 million.

The acquisition will be formally completed once approval is granted by the Central Bank of Trinidad and Tobago, the Eastern Caribbean Central Bank and the Central Bank of Curacao and St Maarten, along with the execution of the Banking Business Vesting Orders in five of the Eastern Caribbean territories, a statement by RFHL said.

Chairman of the RFHL Group, Ronald Harford said, “I would like to express my thanks to the many Regulators and the Governments of the seven countries for their expressions of confidence in the Group,” adding he would like to assure stakeholders “that their confidence and efforts are not misplaced and that the Group is looking forward to creating tremendous value in all seven jurisdictions.”

The total asset base of the Republic Group will grow to US$14.5 billion with profits of approximately US$260 million.