June 22, 2020
Torys represented Scotiabank with a team that included (Ricco) A.S. Bhasin, Raegan Kennedy and Anthony Bishop (corporate/M&A), Andrew Silverman (tax) and Ebad Rahman (commercial).
On June 22, 2020, Scotiabank announced that it reached an agreement for the sale of 100% of its shares in Scotiabank (Belize) Ltd. (“SBL”), a subsidiary of Scotiabank Caribbean Holdings Ltd., to The Belize Bank Ltd. (“Belize Bank”), an operating subsidiary of Caribbean Investment Holdings Limited (“CIHL”), for an initial purchase price of up to US$30.5 million.
In addition to the initial purchase price, CIHL may be required to pay up to an additional US$4.5 million in the event that the shareholders equity of SBL exceeds US$28.5 million as a result of any regulatory change occurring between signing and closing of the agreement.
Further information can be found on Scotiabank’s website.
Belize Bank, the first and oldest banking operation in Belize, is a full-service commercial bank which provides a range of banking and financial services.
Scotiabank is a leading bank in the Americas offering a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.