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Scotiabank completes sale of its operations in Puerto Rico and the U.S. Virgin Islands to Oriental Bank

TORONTO and SAN JUAN, Puerto Rico , Dec. 31, 2019 /CNW/ - Scotiabank reported today that it has completed the previously announced sale of its banking operations in Puerto Rico and the U.S. Virgin Islands to Oriental Bank, a subsidiary of OFG Bancorp.

Scotiabank (CNW Group/Scotiabank)

This transaction supports Scotiabank's strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the best value for customers.

The transaction will improve the Bank's credit quality as it reduces Gross and Net Impaired Loans and increases the Bank's common equity Tier 1 (CET1) capital ratio by approximately 5 basis points.

About Scotiabank

Scotiabank is a leading bank in the Americas. We are here for every future. We help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 100,000 employees and assets of over $1 trillion (as at October 31, 2019 ), Scotiabank trades on the Toronto Stock Exchange (BNS) and New York Stock Exchange (BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank


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