Scotiabank Caribbean Retreat Marks Shift After 129-Year Presence

Bank of Nova Scotia’s retreat from parts of the Caribbean marks a turnabout for a Canadian lender initially drawn to the region 129 years ago by the thriving trade in rum, sugar and fish.

Scotiabank agreed to sell its banking operations in nine of the 21 Caribbean markets it operates in -- Anguilla, Antigua, Dominica, Grenada, Guyana, St. Kitts & Nevis, St. Lucia, St. Maarten, St. Vincent & the Grenadines -- to Republic Financial Holdings Ltd. Terms weren’t disclosed. The bank is also selling insurance operations in Jamaica and Trinidad & Tobago in a deal involving Sagicor Financial Corp. The moves come as the bank focuses on “core markets with significant scale,” the Toronto-based lender said in a statement.