According to Scotiabank, this reorganization is aimed at improving efficiencies across Scotiabank Group through the removal of duplicate products and services.

An independent valuation of SDBGMB was conducted by Deloitte Touche Tohmatsu and this valuation was used as the basis for determining the sale price for SDBGMB.

Scotiabank is a subsidiary of Canada-based Scotiabank Group and has been operating in the Caribbean and Central America since 1889.

Bruce Bowen, president and CEO of Scotiabank Jamaica, said: “We feel that this transaction is in the best interest of all our stakeholders. Both Scotiabank and SDBGMB offer similar products and services and therefore we felt it was a natural step to consolidate the two so as to gain efficiencies while offering our customers greater convenience based on Scotiabank’s wider distribution model.”