Bank of Nova Scotia and Cidel Bank & Trust Inc. announced today that Scotiabank has acquired a minority equity stake in Cidel, the largest privately owned bank and trust company incorporated in Barbados.

The investment is being made through the private equity investment arm of Scotiabank. Terms of the agreement were not disclosed.

“We are very excited about our investment in Cidel,” said Tony Cestra, managing director and head of Scotiabank Private Equity. “We are impressed with Cidel’s performance, its experienced management team and future growth prospects.”

Under the terms of the transaction, 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” said 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, the largest privately owned bank and trust company incorporated in Barbados, offers a range of products and services designed to enhance the financial well-being of its clients around the world. Cidel 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 highly individualized financial services, including investment advice and products, corporate and trust services and international banking services.