Scotia Group to Hold Shareholder Meetings in October as Delisting Plan Advances

• On July 15, 2026, the Supreme Court of Jamaica (Commercial Division) granted Scotia Group Jamaica Limited (SGJ) permission under Section 206 of the Companies Act to convene scheme meetings to consider its privatisation plan.
• Parent company Scotiabank Caribbean Holdings Limited (SCHL), which currently holds 71.78% of SGJ, plans to buy out the remaining 878,189,600 minority shares at $61.50 per share (totalling approximately $54Bn), ending over 57 years of SGJ trading on the Jamaica Stock Exchange (JSE).
• The court-ordered scheme meetings are scheduled for October 7, 2026, at the AC Hotel by Marriott in Kingston, with SCHL meeting at 10:00 a.m. and the minority stockholders meeting at 11:00 a.m.
• Following the shareholder votes, the Chairman will report the results to the court, leading up to the final court hearing set for October 30, 2026, at 10:00 a.m. To alleviate concerns that delisting or shifting operations toward the Dominican Republic hub will reduce the presence in Jamaica, President and CEO Audrey Tugwell Henry reassured customers via email that the commitment to the island remains unchanged.
• SGJ is actively investing in Jamaica by upgrading 137 ABMs by year-end, enhancing digital banking features, renovating six branches (with Mandeville planned next), and planning to construct three new purpose-built branches over the next three years.
• SGJ’s stock price has appreciated by 7.6% year-to-date, closing at $57.21 on Monday, July 20, 2026. At this price, the stock trades at a price-to-book (P/B) ratio of 1.05x, which is lower than the Main Market Financial Sector’s average of 1.09x

(Sources: JSE & NCBCM Research)