Scotiabank announced it has completed its acquisition of BNP Paribas’ wealth management business in Panama and the Cayman Islands.
In early August, Scotiabank completed the deal for a portion of the wealth management business of BNP Paribas in the Bahamas. Scotiabank said Wednesday that it has now received financial approval in the other countries.
The company said the acquisition is “not financially material” and the price was not disclosed.
"This transaction is an excellent example of the strategic opportunities we will pursue through our new Global Wealth Management division," said Chris Hodgson, Scotiabank’s group head of global wealth management. "With recognized 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 includes its wealth management and insurance operations in Canada and internationally and includes its global transaction banking operations. Global
In Panama, the acquisition makes Scotiabank the country's premier wealth management provider with 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.
Scotiabank is the leading bank in the Caribbean and Central America region, with offices in 27 countries.