Scotiabank
has completed the acquisition of BNP Paribas’ Panama and the Cayman Islands wealth
management business after receiving regulatory approval. In early August, meanwhile,
the bank completed the acquisition of a portion of the wealth management
business of BNP Paribas in The Bahamas.

As
previously reported by Family Wealth Report the acquisitions were announced in
April. Details of the transactions were not disclosed.

"This
transaction is an excellent example of the strategic opportunities we will
pursue through our new global wealth management division," Chris Hodgson,
head of the division, said in a statement.

Toronto-based
Scotiabank carved out a global wealth management division last month this
publication also reported. Hodgson, who headed the Canadian consumer banking
business, was chosen to head it.