BNP Paribas and Canada-based Scotiabank have signed an agreement whereby the wealth management activities of BNP Paribas in Panama, Grand Cayman, and The Bahamas will be transferred to Scotiabank.
The transaction will enable BNP Paribas to cease its wealth management activities in the three jurisdictions, in line with its September 2009 announcement.
BNP Paribas claimed that the transaction will optimally preserve employment locally and ensure that clients will continue to be provided with quality service.
Scotiabank has offered personal and commercial financial services in Panama since 1974, the Cayman Islands since 1968 and The Bahamas since 1956.
Dan Wright, senior vice-president and head of Scotiabank international wealth management, said: “This agreement is a great fit with Scotiabank’s international wealth management growth strategy in the Caribbean and Latin American regions. Upon closing, the transfer will enhance Scotiabank’s existing operations in these jurisdictions, strengthening our ability to serve the needs of clients.”
However, the transaction is subject to regulatory approval and is expected to be completed in the third quarter of 2010.