BELIZE – JUNE 22, 2020 - Scotiabank announced today that it has reached an agreement for the sale of 100% of its shares in Scotiabank (Belize) Ltd., to Caribbean Investment Holdings Limited (“CIHL”) – the holding company that owns and operates The Belize Bank Limited (“Belize Bank”). The agreement is subject to regulatory approval and customary closing conditions.

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

CIHL is a public company currently trading on the Alternative Investment Market of the London Stock Exchange and on the Bermuda Stock Exchange. CIHL's principal subsidiaries are Belize Bank, Belize Bank International Limited, and Belize Corporate Services Limited. Belize Bank is a full-service commercial bank which provides a range of banking and financial services. Belize Bank is the first and oldest banking operation in Belize and has demonstrated over 100 years of continuing business and excellence in customer service. CIHL is committed to growing its operations in Belize and providing the highest quality of products and services to the people and businesses of Belize.

As part of this transaction, only the ownership of the company will change once the transaction closes and all employees will continue to support the business. Until regulatory approvals are obtained and the transaction closes, all operations, branches and products will continue to operate as usual. CIHL and Scotiabank will work together to facilitate a smooth transition for the business.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: “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 approximately 97,000 employees and assets of over $1.2 trillion (as at April 30, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit our website and follow us on Twitter @ScotiabankViews.

For media enquiries only:
Laura Mergelas
Global Communications, Scotiabank
laura.mergelas@scotiabank.com
PH: (437) 244-7863

For investor enquiries only:
Philip Smith
Investor Relations, Scotiabank
philip.smith@scotiabank.com
PH: (416) 863-2866