Bank of Nova Scotia expands.(DOMINICAN REPUBLIC)

0 Comments | Caribbean Update, October, 2007

Bank of Nova Scotia, Canada's second-largest bank, has agreed to buy a controlling stake in BBVA Crecer AFP for US$50 million in cash to expand its operations in the DR, reports Bloomberg (Sept. 12, 2007). BBVA Crecer, a unit of Banco Bilbao Vizcaya Argentaria SA, Spain's No. 2 bank, has assets of $6.5 billion pesos (US$190 million), Toronto-based Scotiabank said.

The purchase includes a pension fund manager and a related insurer, with a combined staff of 99 people. Bank of Nova Scotia, which has operations in 50 countries, has spent about US$1 billion over the past 17 months to expand in countries such as Puerto Rico, Thailand and Peru. Last month, the bank agreed to buy Banco del Desarrollo for about US$1.03 billion to more than double its business in Chile.