StockMarketWire.com - Caribbean Investment said it had agreed to acquire Scotiabank's licenced Belize banking operations for up to US$35m from Scotiabank Caribbean Holdings.

The acquisitions would expand the company's existing banking operations in Belize and that there were synergies between the group's current banking operations and the operations of SBL.

'As a consequence of the acquisition, the group's banking operations in Belize will be significantly expanded. The Acquisition is expected to be immediately earnings enhancing to Caribbean Investment,' the company said.

Under the terms of the deal, the company agreed to pay an initial US$30.5m, and an additional $4.5m in the event that the shareholders equity of Scotiabank (Belize) (SBL) exceeds US$28.5m as a result of any regulatory change occurring between signing and closing of the agreement.




At 8:51am: [LON:CIHL] Caribbean Investment Holdings Limited Ord Npv share price was 0p at 41p



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