Scotiabank will sell its banking operations in Guyana to TT-based First Citizens Bank Ltd.
In a release Wednesday, the Canadian multinational said the agreement is subject to regulatory approval and customary closing conditions. The value of the transaction was not stated.
This transaction supports Scotiabank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the highest value for customers.
Scotiabank’s current operations in Guyana include four branches and approximately 180 employees, who will remain with the bank even after the transfer.
The transaction supports First Citizens’ strategic growth across the region and leverages its strengths in innovation and excellence to the benefit of all stakeholders, the release said.
Until regulatory approvals are obtained and the transaction closes, Scotiabank’s operations in Guyana will continue as usual. First Citizens and Scotiabank will work together to facilitate a smooth transition for the business.
Scotiabank has over the last few years been reducing its footprint in the Caribbean. In 2019, it sold its Eastern Caribbean assets to Republic Financial Holdings Ltd.