Canadian private wealth manager Scotiabank has
acquired BNP Paribas’ wealth management business in Panama and the
Cayman Islands.
It is the latest in a series of deals
expanding their global wealth management division. Scotiabank began
its Caribbean expansion in early August with their acquisition of a
small portion of BNP Paribas’ business in the Bahamas.
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Last month the Canadian bank merged its wealth
management and insurance lines into a global wealth management
(GWM) group.
Scotiabank’s international wealth management business, excluding
Canada, saw revenues grow over the last three years at a 30%
compound annual growth rate (CAGR).
Assets under management grew by a CAGR of 19% during the same
period.
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