Republic Financial Holdings takes over Scotiabank’s operations

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    Republic Financial Holdings Limited today announced that it is acquiring Scotiabank’s banking operations in Guyana, St. Maarten and Eastern Caribbean territories, for US$123 million.

    This acquisition will increase the Group’s asset size by approximately US$2.5 billion, taking it to US$13 billion, and will add to the earnings of the Group by approximately US 20 cents per share.

    Chairman Ronald Harford says the company is confident that the move will benefit of Scotiabank’s clients and employees as well as Republic’s existing stakeholders.

    He adds that all impacted employees of Scotiabank in the nine countries will join the Republic Group.