Scotiabank has completed a transaction to acquire the wealth management business of BNP Paribas in Panama and the Cayman Islands after receiving all regulatory and other approvals.
In early August, Scotiabank completed the acquisition of a portion of the wealth management business of BNP Paribas in The Bahamas.
The deals are not financially material to Scotiabank and terms of the transactions were not disclosed.
"This transaction is an excellent example of the strategic opportunities we will pursue through our new global wealth management division," says Chris Hodgson, group head, global wealth management, Scotiabank. "With recognised strength in wealth management and demonstrated global expertise, we are well-positioned to serve customers with a greater breadth and depth of experience than ever before."
Scotiabank’s global wealth management division combines the wealth management and insurance operations in Canada and internationally and includes the bank’s global transaction banking operations.
In Panama, the close of the transaction creates the largest Scotia Private Client Group office outside Canada. The office will offer clients private banking, investment advisory and trust services.
Scotiabank has offered personal and commercial financial services in Panama since 1974, The Bahamas since 1965 and in the Cayman Islands since 1968.