Scotiabank makes offer to take full ownership of Jamaican subsidiary

Mike Vinokur, portfolio manager and senior wealth advisor at Propellus Wealth Partners, iA Private Wealth, joins BNN Bloomberg to discuss bank earnings.

TORONTO — Scotiabank is proposing to buy the minority stake in Scotia Group Jamaica Ltd. that it does not already own in an offer of about $500 million in cash.

The Toronto-based bank says the plan is part of its strategy to optimize capital and operational efficiency across its existing footprint.

Scotiabank holds a 72 per cent stake in Scotia Group Jamaica.

Francisco Aristeguieta, group head of international and global transaction banking at Scotiabank, said the deal reflects the bank’s ongoing commitment to its operations in the country.

The deal, which was unanimously recommended by a committee of independent directors at Scotia Group Jamaica, is subject to approval by minority shareholders.

If approved, the proposed transaction is expected to close in the fourth calendar quarter of 2026, subject to court approval and other customary closing conditions.

This report by The Canadian Press was first published June 12, 2026.