Republic to Take over Scotia Bank’s operations

Republic Financial Holdings Limited (RFHL) yesterday confirmed that it has en­tered in­to an agree­ment to ac­quire Scotia bank’s banking operations in nine Caribbean countries. The banks being acquired are in Guyana, St. Maarten, Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines for US$123Mn. According to the company’s chairman, this acquisition represents another major milestone for the Republic Group. As it grows and acquire significant positions in its existing markets, and that it is important that the company continue to broaden its footprint, regionally and internationally. Republic stock price closed trading on Wednesday at $106.72 on the Trinidadian Stock Exchange and has a YTD growth of 5.41%.

(Source: The Guardian)