Scotiabank To Sell Insurance Operations In Jamaica, Trinidad & Tobago

(RTTNews) - Scotiabank (BNS.TO, BNS) announced agreements with respect to certain of its Caribbean operations, as part of its strategy to focus the Bank's efforts on its core markets with significant scale. Scotiabank Jamaica and Scotiabank Trinidad & Tobago have entered into agreements to sell their respective subsidiaries: Scotia Jamaica Life Insurance Company and ScotiaLife Trinidad and Tobago Limited to Sagicor. Scotiabank has also entered into an agreement to sell its banking operations in 9 non-core markets in the Caribbean to Republic Financial Holdings.

Scotiabank noted that the transactions are not financially material to the company. Scotiabank's common equity tier one capital ratio will increase by approximately 10 basis points on closing.

Scotiabank Jamaica and Scotiabank Trinidad & Tobago announced that they will enter into a 20-year distribution agreement with Sagicor through which an enhanced suite of insurance products and solutions, underwritten by Sagicor, will be offered to Scotiabank customers in Jamaica and Trinidad & Tobago.