Canada's Scotiabank has acquired a minority equity stake in Cidel, the largest privately owned bank and trust company incorporated in Barbados. The investment was made through the private equity investment arm of Scotiabank, which has a global investment mandate to finance growing private companies. 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. Focused on the high value wealth management market, Cidel provides a range of financial services, including investment advice and products, corporate and trust services and international banking services. lt 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. Scotiabank is now the largest bank in Caribbean and Central American 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.