TORONTO, June 12, 2026 /CNW/ - Scotiabank announced today that it has made a proposal to acquire all of the shares of Scotia Group Jamaica Limited (SGJL) that it does not currently own and transition to a wholly-owned privately held entity.
The proposed transaction is part of Scotiabank's strategy to optimize capital and operational efficiency across its existing footprint.
In connection with the proposed transaction, SGJL announced that, based on the unanimous recommendation of a committee of independent directors of the board of directors of SGJL, it has entered into a definitive arrangement agreement with its majority shareholder, Scotiabank Caribbean Holding Limited (SCHL), whereby all of the issued and outstanding shares of SGJL that SCHL does not currently own will be repurchased, subject to approval of SGJL's minority shareholders.
The proposed transaction will be undertaken by way of a court-approved Scheme of Arrangement under the Companies Act, 2004 in Jamaica. It is expected that SGJL will hold a meeting of the minority shareholders to consider and vote on the proposed transaction in the coming months. If approved at the meeting, the proposed transaction is expected to close in the fourth calendar quarter of 2026, subject to court approval and other customary closing conditions.
Following completion of the proposed transaction, the SGJL shares are expected to be de-listed from the Jamaica Stock Exchange.
The total cash consideration being offered to minority shareholders is approximately C$0.5Bn and the CET1 ratio impact at closing is estimated to be approximately 5 basis points.
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.5 trillion (as at April 30, 2026), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX:BNS) and New York Stock Exchange (NYSE:BNS). For more information, please visit http://www.scotiabank.com and follow us on X @Scotiabank.
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SOURCE Scotiabank
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