Restructuring of international footprint
The Jamaica buyout follows a broader restructuring of Scotiabank’s international footprint. On Dec. 1, 2025, the bank completed the transfer of its banking operations in Colombia, Costa Rica and Panama to Davivienda Group in exchange for an approximately 20% ownership stake. The divestitures contributed to a shift in Scotiabank’s earnings profile.
In Q1 2026, North America accounted for 82% of earnings, while the Caribbean contributed 11%. Management described its approach as a “value over volume” strategy, with risk-adjusted margins expanding 20 basis points year-over-year.
Scotiabank’s international banking segment generated adjusted earnings of nearly $2.9 billion in 2024, up 11% year-over-year, as the bank redirected focus toward Caribbean markets following its Latin American pullback.
The SGJL deal is one of two acquisitions Scotiabank announced in quick succession. In May, the bank entered into a definitive agreement to acquire Maple Financial Holdings, Inc., parent company to MapleMark Bank, a US commercial bank with operations primarily in Dallas, Texas.
SGJL had assets of $774 billion as of Oct. 31, 2025. Scotiabank has operated in Jamaica since 1889 and currently employs approximately 1,800 people across 28 branches in the country.
