UNIBANK, Haiti's largest financial institution, announced that it has reached an agreement to acquire Scotiabank's operations in Haiti. The terms of the transaction have not been disclosed.

This transaction will give customers access to a broader suite of products and services as well as a larger branch and ABM network.

As part of the transaction, UNiBANK will make offers of employment to all active employees of Scotia bank in Haiti and will retain all four of its branches. Moreover, Scotiabank will establish a corrcspondent banking relationship with UNIBANK.

"We believe that UNIBANK is the right partner for this transaction given our shared commitment to customer service and its reputation as a top employer," said Jacqueline Sharp, Senior Vice President and Head of the Caribbean North and Central.

"Through this acquisition, UNIBANK will strengthen its market leadership. With four additional branches, it will continue to offer its broad range of products and services to its numerous clients both in Haiti and abroad", said F. Carl Braun, Chairman & CEO of UNIBANK.

Over the next several months, both organizations will be working closely to help ensure a smooth transilion for all employees and customers.

About Scotiabank :

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 88,000 employees and assets of$896 billion (as at October 31, 2016).

About UNIBANK :

UNIBANK S.A. is a privately-owned banking corporation organized under the laws of the Republic of Haiti. It operates in the following business segments: retail and commercial banking, corporate and investment banking, remittances, rural and urban micro credit, and insurance. It is Haiti's largest bank, with assets exceeding USD 1.3 billion and shareholder equity of USD 180 million (as of September 30,2016). It ranks among the Top 25 CARICOM banks in assets and equity (Financial Times rankings). UNIBANK and its group of companies provide financial services to approximately 900,000 customers in Haiti and 300,000 Haitians living abroad. It has a market share of deposits and loans of 31.8% and 30.6%, respectively (Central Bank Statistical Report, as of September 30, 2016). The UNIBANK group employs 2,077 persons, and delivers its services through a network of 46 branches and kiosks and more than 2,400 other points of sale and service.

HL/ HaitiLibre