Scotiabank says global revamp complete after sale of Puerto Rico, U.S. Virgin Islands operations [Financial Post (Toronto, Ontario, Canada)]
Bank Nova Scotia Halifax Pfd 3 Ordinary Shares (BNS)
Last bank nova scotia halifax pfd 3 ordinary shares earnings: 2/25 05:30 am
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Source: Financial Post
Scotiabank says global revamp complete after sale of Puerto Rico, U.S. Virgin Islands operations Will take after-tax net loss of between $300 million and $360 million The Bank of Nova Scotia said Wednesday it is selling its operations in Puerto Rico and the U.S. Virgin Islands and preparing to bring its campaign of unloading unwanted international assets to a close. Scotiabank announced in a press release that it had reached an agreement to sell the businesses on the islands to 55-year-old Oriental Bank, a subsidiary of San Juan, Puerto Rico-headquartered financial-services company OFG Bancorp. The deal is still subject to regulatory approvals and certain closing conditions, but Scotiabank projects it will ultimately take an after-tax net loss of between $300 million and $360 million on the transaction, most of which is tied to the carrying value of goodwill from its Puerto Rico operations. Scotiabank, though, says the sale will improve its credit quality by reducing its gross and
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