Caribbean Investment to acquire Scotiabank’s Belize operation for US $35 M

By BBN Staff: According to an article from StockMarketWire.com, Caribbean Investment has agreed to acquire Scotiabank’s licensed Belize banking operations for up to US$35m from Scotiabank Caribbean Holdings.

The article noted that acquisitions would expand the company’s existing banking operations in Belize.

“As a consequence of the acquisition, the group’s banking operations in Belize will be significantly expanded. The Acquisition is expected to be immediately earnings enhancing to Caribbean Investment,” the company said.

The company reportedly agree to pay an initial US $30.5 million, and an additional $4.5 million in the event that the shareholders equity of Scotiabank (Belize) (SBL) exceeds US $28.5 million as a result of any regulatory change occurring between signing and closing of the agreement.

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