Mar 2015 Financial News

Scotiabank Trinidad & Tobago Limited - Bank of Nova Scotia will complete intragroup transfer of all its shares in SBTT to Scotia

Mar 20, 2015

Port of Spain, Trinidad, March 19, 2015

Scotiabank Trinidad and Tobago Limited (SBTT) and The Bank of Nova Scotia (BNS) jointly announce that BNS will transfer all of its 50.901% shareholding (89,761,887 ordinary shares) in SBTT to Scotiabank Caribbean Holdings Ltd. (SCHL), its 100% owned regional financing and holding subsidiary in Barbados. The transfer of shares will take place on the Trinidad and Tobago Stock Exchange by way of an approved “put through” of shares, all requisite local regulatory approvals have been obtained by the parties. SCHL has no intention of acquiring any additional shares in SBTT in the foreseeable future.

The transfer of shares will occur as part of a larger regional reorganisation of certain BNS subsidiaries in the Caribbean, which began in 2011. Following the transfer, the Scotiabank group of companies (Scotiabank) will be on similar footing with many of its competitors in terms of its organisational structure in the Caribbean.

Carried out in consultation with its team in Trinidad and Tobago, the reorganisation of Scotiabank’s subsidiary shareholdings is aimed at strengthening the management of Scotiabank’s regrional operations in the Caribbean, and enhancing operational efficiency and corporate governance. There will be no material impact on SBTT’s current operations as a result of the transfer. Scotiabank remains firmly committed to serving its customers in Trinidad and Tobago and throughout the Caribbean. After the transfer, SCHL will be the majority shareholder of SBTT as it will be the beneficial owner of 50.901% (89,761,887) of the issued and outstanding ordinary shares of SBTT.

Scotiabank Trinidad and Tobago Limited (SBTT) issued this press release pursuant to Section 64(1) of the Securities Act, 2012.

About Scotiabank Trinidad and Tobago Limited (SBTT)

Scotiabank has been a part of Trinidad and Tobago for 60 years. SBTT offers a comprehensive line of Retail, Small Business, Corporate, Commercial and Wealth services through its extensive network of branches across the country. Its subsidiaries include ScotiaLife Trinidad and Tobago Limited and Scotia Investments Trinidad and Tobago Limited. The Scotiabank Trinidad and Tobago Foundation, a registered charitable organisation, manages Scotiabank’s philanthropic activities in Trinidad and Tobago. For further details, please visit www.tt.scotiabank.com.

About Scotiabank

Scotiabank is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, and corporate and investment banking. With a team of more than 86,000 employees and assets of CAD$852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Stock Exchanges (NYSE: BNS). Scotiabank distributes the Bank’s media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.

Source:
The Trinidad and Tobago Stock Exchange Limited
Friday March 20, 2015