Scotia Group privatisation completed as Supreme Court sanctions scheme

The privatisation of Scotia Group Jamaica Limited has been completed following an order issued by the Supreme Court sanctioning a Scheme of Arrangement involving the bank’s majority shareholder, Scotiabank Caribbean Holdings Limited (SCHL).

Scotia Group announced in a media release today that the court order was then filed with the Registrar of Companies on October 30, 2026, making the arrangement effective.

Under the scheme, minority shareholders will receive $75 per stock unit held, with payments to be dispatched within 10 business days after the effective date, Scotia said.

The company said minority shareholders who submitted valid Currency Election Forms by the October 30 deadline will receive payment in United States dollars by wire transfer.

Scotia said payments will be converted at the weighted average selling rate published by the Bank of Jamaica three business days before the settlement date.

All other minority shareholders will receive payment in Jamaican dollars, in accordance with their existing payment mandates held by the Jamaica Central Securities Depository.

As of the effective date, minority shareholders cease to have rights as holders of Scotia Group stock units, other than the right to receive payment under the scheme.

Jabar Singh, President of Scotiabank Dominican Republic and the Caribbean, welcomed the court’s decision, describing it as an important milestone that reinforces the bank’s confidence in Jamaica and its long-term commitment to the market.

“The court’s sanction marks the successful conclusion of an important process and reinforces Scotiabank’s long-term commitment to Jamaica. This transaction reflects our confidence in the strength of the Jamaican market and its continued growth potential,” he said.

“As we enter this new chapter, our focus remains on investing in our business, accelerating innovation and delivering greater value to our clients, employees and the communities we serve.”

Audrey Tugwell Henry, President and Chief Executive Officer of Scotia Group, expressed appreciation to shareholders for their longstanding support, while reaffirming the Group’s commitment to Jamaica.

“This is a significant milestone in our journey, and we are grateful to our shareholders for the trust and confidence they have placed in us over the years. While this transaction represents a change in our ownership structure, what remains unchanged is our commitment to Jamaica and to our clients, employees and communities who have been part of our story for more than 137 years,” she said.

The scheme was subject to approval by the required majorities of Scotia Group shareholders at court-convened meetings, as well as sanction by the Supreme Court.

Scotia noted that at a meeting of minority shareholders on October 7, 80.16 per cent of those voting in person or by proxy, representing 97.70 per cent of the group’s stock units, voted in favour of the arrangement.

At a separate court-convened meeting, SCHL also voted in favour of the scheme.

Following its completion, SCHL expects to apply to have Scotia Group’s stock units delisted from the Jamaica Stock Exchange.

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