The Bank of Nova Scotia has completed its acquisition of the shares of Scotia Group Jamaica Limited that it did not already own, paying minority shareholders about C$0.6bn in cash, the Canadian bank said on 30 October 2026.
Why The Bank of Nova Scotia (Scotiabank) is buying Scotia Group Jamaica Limited (minority shares not already owned)
Scotiabank said the transaction forms part of its strategy to optimise capital and operational efficiency across its existing footprint.
Deal terms and financing
The deal was carried out through a court-approved scheme of arrangement. Scotiabank initially offered J$61.50 per share in June 2026 and raised the price to J$75.00 in September, citing the subsidiary's second- and third-quarter results; the Jamaica Observer valued the raised offer at about J$63.5bn. Scotiabank estimated the effect on its CET1 ratio at about 8 basis points.
Regulatory approvals and timing
Minority shareholders approved the scheme on 7 October 2026 and it became effective on 30 October following court approval. SGJL shares are expected to be delisted from the Jamaica Stock Exchange.
