Republic Financial Holdings to acquire Scotiabank’s banking operations in Guyana, St. Maarten and the Eastern Caribbean territories for $123m

Republic Financial Holdings Limited has entered into an agreement to acquire Scotiabank’s banking operations in Guyana, St. Maarten and the Eastern Caribbean territories, including Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. The purchase price is $123m, which represents $25m consideration for total shareholding of Scotiabank Anguilla Limited; and a premium of $98m over net asset value for operations in the remaining eight countries. This price does not include any amounts required to capitalise the branches post-closing.“This acquisition represents another major milestone for the Republic Group. As we grow and acquire significant positions in our existing markets, it is important that we continue to broaden our footprint, regionally and internationally." Ronald F deC. Harford, Chairman of RFHL