Scotiabank Completes BNP Paribas Caribbean, LatAm Wealth Management Acquisitions

Wendy Connett

7 October 2010

Scotiabank has completed the acquisition of BNP Paribas’ Panama and the Cayman Islands wealth management business after receiving regulatory approval. In early August, meanwhile, the bank completed the acquisition of a portion of the wealth management business of BNP Paribas in The Bahamas.

As previously reported by Family Wealth Report the acquisitions were announced in April. Details of the transactions were not disclosed.

"This transaction is an excellent example of the strategic opportunities we will pursue through our new global wealth management division," Chris Hodgson, head of the division, said in a statement.

Toronto-based Scotiabank carved out a global wealth management division last month this publication also reported. Hodgson, who headed the Canadian consumer banking business, was chosen to head it.