The buyout of Scotia Group Jamaica Limited's (SGJ) minority shareholders will pump roughly C$500 million into the local market in the short term, but will permanently shut out local investors from one of Jamaica's most profitable companies, according to Mayberry Group CEO Gary Peart.

"In the short term, C$500 million comes to market, so that's good," Peart said in a written response to the Financial Gleaner. "In the long term, they will be losing out on profits from the second most profitable banking institution and probably one of the top five profit-making entities in Jamaica."

Scotia Group confirmed Friday that its Canadian parent will pay roughly C$500 million (J$56 billion) to acquire the roughly 28 per cent stake in SGJ it does not already own, in a transaction that would take the bank private and delist it from the Jamaica Stock Exchange. Completion is targeted for the fourth quarter of 2026.