Jabar Singh - FILE PHOTO
Jabar Singh, President of Scotia Bank Dominican Republic and the Caribbean, has welcomed the decision by the Supreme Court of Jamaica to give Scotia Caribbean Holdings Limited the greenlight to buy back all its shares from the general public last Friday, describing it as an important milestone.
Scotia Caribbean Holdings Limited is the majority shareholder in Scotia Group Jamaica Limited.
He stressed that this will lead to an increase in Scotiabank's confidence in Jamaica, while adding that it marks a successful conclusion of an important process that reinforces the bank's long-term commitment to Jamaica.
Singh also said the bank will now be investing more in its business, accelerating innovation and delivering greater value to its clients and employees as a result of the approval by the Supreme Court.
Audrey Tugwell, President and CEO of Scotia Group Jamaica Limited, also expressed appreciation to the Group's shareholders for their support of the transaction and reaffirmed its commitment to Jamaica.
The minority shareholders will receive $75 per share ten business days after the court's approval of the scheme, which was submitted to the Companies Office of Jamaica on Friday. This is called the settlement date.
These payments will be made in Jamaican and US dollars.
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