Jamaica’s second-largest bank is one step closer to leaving the stock exchange. Minority shareholders of Scotia Group Jamaica voted to accept a buyout by parent company Scotiabank Caribbean Holdings Ltd, clearing a key hurdle toward taking the bank private. On Thursday, SGJ shares dropped 2.0 percent on the news.

The vote caps weeks of maneuvering. In late September, Scotiabank raised its payout to J$75 a share from J$61.50, valuing the roughly 848 million shares it does not already own at about J$63.5 billion, one of the largest corporate deals the island has seen. Scotiabank Caribbean Holdings already owns about 71.78 percent of the bank.

The deal still requires court approval under a Scheme of Arrangement, and is expected to close in the fourth quarter of 2026 if the courts sign off. Once completed, Scotia Group shares will be delisted from the Jamaica Stock Exchange, ending a long run as one of the island’s most held blue chips.

For Jamaica’s markets, the buyout is a landmark. Scotia Group recently became the most valuable company on the Jamaica Stock Exchange, overtaking NCB Financial Group. For everyday shareholders and the diaspora watching from abroad, it closes a chapter on one of the island’s signature companies.

Source: The Jamaica Gleaner via EIN Presswire