Bank of Nova Scotia plans to buy the shares of its Jamaican subsidiary it doesn’t already own in a transaction estimated at C$500 million ($360 million) as the Canadian firm seeks to improve profitability at its large international division.
The Toronto-based lender, which owned almost 72% of Scotia Group Jamaica Ltd. as of Oct. 31, is proposing buying the remaining outstanding shares and transitioning the unit to a wholly owned entity, it said in a statement Friday.
“The proposed transaction is part of Scotiabank’s strategy to optimize capital and operational efficiency,” the bank said in the statement.
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