Scotiabank recently completed a
transaction to acquire the wealth management business of BNP Paribas in Panama,
The Bahamas and the Cayman Islands after receiving all regulatory and other approvals.
The deal is not financially material to Scotiabank and terms of the transaction
were not disclosed.
“This transaction is an excellent
example of the strategic opportunities we will pursue through our new Global
Wealth Management division,” said Chris Hodgson, Group Head, Global Wealth Management,
“With recognized strength in wealth
management and demonstrated global expertise, we are well-positioned to serve
customers with a greater breadth and depth of experience than ever before.”
Scotiabank’s Global Wealth
Management division combines the wealth management and insurance operations in
Canada and internationally and includes the Bank’s global transaction banking
operations. Global Wealth Management aligns with Scotiabank’s strategy of diversification
across multiple geographies, product lines and strong businesses.
In Panama, the close of the
transaction with BNP Paribas positions Scotiabank as the country’s premier
wealth management provider with the largest Scotia Private Client Group office outside
Canada. The office will offer clients private banking, investment advisory and
“This agreement is a great fit with
Scotiabank’s international growth strategy in the Caribbean and Latin American
regions,” said Dan Wright, Senior Vice-President and Head, Scotiabank
International Wealth Management.
“The transfer enhances Scotiabank’s
existing operations in the Caribbean and Central American regions,
strengthening our ability to serve the needs of our clients. Today’s announcement
demonstrates our commitment to growing and strategically investing these
Scotiabank has offered personal and
commercial financial services in Panama since 1974, The Bahamas since 1965 and
in the Cayman Islands since 1968.