First Citizens Bank Limited’s Acquisition of Operations in Guyana from Scotiabank

Torys LLP represented Scotiabank on the deal.

Scotiabank announced that it has reached an agreement for the sale of its banking operations in Guyana to First Citizens Bank Limited. The agreement is subject to regulatory approval and customary closing conditions.

This transaction supports Scotiabank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the highest value for customers. Scotiabank’s current operations in Guyana encompass four branches and approximately 180 employees. Following closing, all employees will continue to support the business.

Until regulatory approvals are obtained and the transaction closes, Scotiabank’s operations in Guyana will continue as usual. First Citizens and Scotiabank will work together to facilitate a smooth transition for the business.

Scotiabank is a leading bank in the Americas, helping customers, their families and their communities achieve success through 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.
First Citizens is one of the leading financial services groups in the English-speaking Caribbean. Headquartered in Trinidad and Tobago, it offers a full range of retail, corporate and investment banking services as well as wealth management, trustee and brokerage services to clients through its operations in Barbados, Costa Rica, St. Lucia, St. Vincent and the Grenadines and Trinidad and Tobago.

The Torys team was led by Ricco A.S. Bhasin (Picture) and which includes Ebad Rahman, Na Fan and Anthony Bishop (corporate/M&A), Jill McCutcheon and Melissa Prado (financial services regulatory) and Andrew Silverman (tax).

Involved fees earner: (Ricco) A.S. Bhasin – Torys LLP; Anthony Bishop – Torys LLP; Na Fan – Torys LLP; Jill McCutcheon – Torys LLP; Melissa Prado – Torys LLP; Ebad Rahman – Torys LLP; Andrew Silverman – Torys LLP;

Law Firms: Torys LLP;

Clients: Scotiabank;

Author: Martina Bellini