THE BANK OF NOVA SCOTIA in Canada is pulling all its shareholding in Scotia Bank Trinidad and Tobago as well as Scotia Group Jamaica Limited and moving them to a subsidiary in Barbados.
The Bank of Nova Scotia, which has been operating in Barbados since 1956, has established Scotiabank Caribbean Holdings Limited (SCHL) in Barbados and is in the process of moving all of its shareholding in Scotia Group Jamaica Limited.
While some in Kingston have hinted that the move was linked to tax benefits offered in Barbados, Frederick Williams, chief financial officer and chief accounting officer of Scotia Group Jamaica Limited (SGJL), told the media that any tax benefits were “incidental”.
In a move that is yet to be approved by Jamaican regulators, Scotiabank revealed that its 71.78 per cent stake in Jamaica’s second largest bank would be transferred from Bank of Nova Scotia in Canada to Scotiabank Caribbean Holdings Limited, its wholly-owned regional financing and holding subsidiary in Barbados. (GE)
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