Supreme Court sanctions Scotia Group Jamaica scheme of arrangement

KINGSTON, Jamaica—Scotia Group Jamaica Limited (SGJ) has become a wholly owned subsidiary of The Bank of Nova Scotia (Scotiabank) following the Supreme Court of Jamaica’s decision to sanction a scheme of arrangement.

Justice Althea Jarrett sanctioned the scheme on Friday, which saw Scotiabank Caribbean Holdings Limited (SCHL) acquire the remaining SGJ shares held by minority shareholders. The scheme became effective after the court order was filed with the Companies Office of Jamaica (COJ).

As a result, $63.50 billion or US$397.84 million will be paid by SCHL to minority SGJ shareholders.