The Bank of Nova Scotia (BNS) has announced plans to transfer all of its 50.9 per cent shareholding in Scotiabank T&T Limited to Scotiabank Caribbean Holdings Limited (SCHL), its 100 per cent owned regional financing and holding subsidiary.In a notice posted to the T&T Stock Exchange, BNS said the transfer of shares will take place by way of an approved "put through" and that all requisite local regulatory approvals have been obtained.
"SCHL has no intention of acquiring any additional shares in SBTT in the foreseeable future," the bank said.The transfer of shares is part of a larger regional reorganisation of some BNS subsidiaries in the Caribbean which began in 2011. Following the transfer, Scotiabank will be on similar footing with many of its competitors in the Caribbean in terms of its organisational structure.
BNS said in the notice that the reorganisation was carried out in consultation with its team in T&T and it aimed at strengthening its regional operations and enhancing operational efficiency and corporate governance. There will be no material impact of Scotiabank T&T's current operations, the bank said."Scotiabank remains firmly committed to serving its customers in Trinidad and Tobago and throughout the Caribbean."
When the transfer is completed, SCHL will be the majority shareholder of Scotiabank T&T as the beneficial owner of 50.9 per cent of the issues and outstanding ordinary shares in the local bank.