Canadian lender Scotiabank has completed the previously announced sale of its operations in the British Virgin Islands (BVI) to Republic Financial Holdings (RFHL).
Financial details of the transaction have not been made public.
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Originally called Colonial bank, RFHL was founded in 1837 with operations in Trinidad and Tobago.
The financial services company also operates an offshore banking unit in the Cayman Islands.
Scotiabank sold its banking unit in BVI to RFHL as part of its strategy to focus on international expansion aimed at delivering value for its customers.
The third-largest lender in Canada intends to exit nine countries in the Caribbean, including Antigua, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, Anguilla, Dominica, St Maarten and Grenada.
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By GlobalDataIn October last year, the bank already completed the sale of its banking operations in Anguilla, Dominica, Grenada, St Kitts & Nevis, St Lucia, St Maarten and St Vincent & the Grenadines to Republic Bank.
Founded in 1832, Scotiabank offers a suite of products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
It employs 97,000 people and has more than $1.2trn in total assets as of 30 April 2020.
