Republic Financial Holdings Limited (RFHL) is pleased to announce that it closed its acquisition of seven Scotiabank operations on October 31, 2019.
Following receipt of approval from the Central Bank of Trinidad and Tobago, the Eastern Caribbean Central Bank and the Central Bank of Curacao and St. Maarten, and the execution of the Banking Business Vesting Orders in five of the Eastern Caribbean territories, RFHL formally acquired Scotia’s operations in Anguilla, Dominica, Grenada, St. Kitts & Nevis, St. Lucia, St. Maarten, and St. Vincent & the Grenadines.
The acquisition will add 350 team members to its staff complement, US$1.5 billion to the Group’s total asset size and US$20 million to its net profits. The total asset base of the Republic Group will grow to approx. US$14.5 billion with profits of approx. US$260 million.