France’s BNP Paribas has agreed to sell its wealth management activities in Panama, Grand Cayman and the Bahamas to Canada’s Scotiabank (NYSE: BNS), both parties said in a press release. The terms of the transaction were not disclosed.

The transaction will enable BNP Paribas to cease its wealth management activities in the three jurisdictions, in line with its September 2009 announcement.

Back then, BNP Paribas CEO Baudouin Prot said the bank would pull out of countries on a “grey list” of tax havens compiled by the Organization for Economic Cooperation and Development (OECD).

Scotiabank said the transaction will make the bank one of the largest wealth management providers in Panama. Scotiabank has operated in Panama since 1974, the Cayman Islands since 1968 and The Bahamas since 1956.

The transaction is subject to regulatory approval and is expected to be completed in this year’s third quarter.

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