Scotiabank to pull out of nine Caribbean countries in major regional shake-up

By Olivia Rose

THE BANK of Nova Scotia on Tuesday (November 27) announced that it has struck a deal to sell its banking assets in nine Caribbean countries – but not the TCI.

This comes as the lender continues to narrow down the number of international markets in which it operates.

It agreed to sell its operations in Anguilla, Antigua, Dominica, Grenada, Guyana, St Kitts and Nevis, St Lucia, St Maarten, and St Vincent and the Grenadines.

The recent report further stated that larger markets in Latin America are still very much part of its plans.

The massive downsizing comes although the bank’s profit from its international banking unit grew at a greater rate than that of its Canadian business over the past year.

Canada’s third-biggest lender reported adjusted earnings…

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