According to a joint press release, this investment is being made through the private equity investment arm of Scotiabank, which has a global investment mandate to finance growing private companies. The terms of the agreement were not disclosed.

“We are very excited about our investment in Cidel,” stated Tony Cestra, Managing Director and Head of Scotiabank Private Equity, adding: “We are impressed with Cidel's performance, its experienced management team and future growth prospects.”

Under the terms of the transaction, Mr Cestra will be nominated to the Board of Cidel, and Scotiabank and Cidel will explore opportunities to provide cross-referrals for products and services where appropriate.

"We are pleased to be working with Scotiabank" announced Geoff Matus, Chairman of the Board of Cidel. “Scotiabank’s insight, experience and international presence will help Cidel achieve its full potential in the growing and attractive wealth management market.”

Cidel is the largest privately owned bank and trust company incorporated in Barbados. It has offices in Barbados, Bermuda, South Africa and Canada, and is regulated by the Central Bank of Barbados.

Clients include private investors, regional and international businesses and institutional investors. Focused on the high value wealth management market, Cidel provides investment advice and products, corporate and trust services and international banking services.

Scotiabank has been part of the Caribbean and Central America since 1889. It is now the leading bank in the region, with operations in 24 countries, including affiliates. The bank has some 11,689 employees in the region, serving more than two million customers, with about 382 branches and about 903 automated banking machines.

Scotiabank is also one of North America's premier financial institutions and Canada's most international bank.