Scotiabank (BNS.TO), Canada's No. 3 bank by market capitalization, said on Friday it has acquired a majority interest in Five Continents Financial Ltd, a Cayman Islands asset management company.
Terms of the transaction, which closed earlier this week, were not disclosed. Scotiabank said it is now the leading bank in the Caribbean and Central America region, with operations in 27 countries and 12,117 employees.
Five Continents, which has $458.3 million in assets under management, focuses on managing conservative global investment portfolios for individuals, corporations, insurance companies, pension funds, trusts and third-party investment funds.
The announcement comes one day after Scotiabank said it acquired select assets and 60 staff from UBS Energy, including trading technology.