Content area
Full Text
Republic Financial Holdings Ltd. signed an agreement to acquire Bank of Nova Scotia's banking operations in nine Caribbean countries for US$123 million, the companies announced.
The nine countries are Anguilla, Antigua, Dominica, Grenada, Guyana, St. Kitts & Nevis, St. Lucia, St. Maarten, and St. Vincent and the Grenadines.
The purchase price represents a consideration of US$25 million for the total shareholding of Scotiabank Anguilla Ltd., and a premium of US$98 million over the net asset value for operations in the remaining eight countries. The price does not include any amounts required to capitalize the branches post-closing.
The transactions, which are subject to regulatory approvals and other customary...