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BNP Paribas to transfer three wealth management units to Scotiabank

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BNP Paribas has agreed to transfer its wealth management activities in Panama, Grand Cayman and The Bahamas to Scotiabank.

The transaction is subject to regulatory approval and is expected to be completed in the third quarter of 2010.

Terms of the transaction were not disclosed.

According to BNP Paribas, the transaction will enable the company to cease its wealth management activities in the three jurisdictions.

Dan Wright (pictured), senior vice president and head of international wealth management at Scotiabank, says: "The agreement is a great fit with Scotiabank’s international wealth management growth strategy in the Caribbean and Latin American regions. Upon closing, the transfer will enhance Scotiabank’s existing operations in these jurisdictions, strengthening our ability to serve the needs of clients. Today’s announcement demonstrates our commitment to growing and investing across the regions."

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