Republic Financial Holdings Limited entered into an agreement to acquire Scotiabank (British Virgin Islands) Limited from The Bank of Nova Scotia for $120 million.

Republic Financial Holdings Limited (TTSE:RFHL) entered into an agreement to acquire Scotiabank (British Virgin Islands) Limited from The Bank of Nova Scotia (TSX:BNS) for $120 million on November 27, 2019. The agreement is subject to regulatory approval and customary closing conditions. The deal was passed by a resolution of Board of Directors of Republic Financial Holdings Limited.

Regulatory approval was granted on May 21, 2020, and closing is expected to occur by May 31, 2020. The Bank of Nova Scotia is acting as financial advisor to itself in the transaction.