Scotiabank buys bank in Uruguay
TORONTO: Scotiabank is expanding its presence in Latin America through the purchase of a private bank and a separate financial services firm, both in Uruguay, for an undisclosed amount from the Advent private equity group.
The Canadian bank said Monday it will acquire Nuevo Banco Comercial, Uruguay's fourth-largest bank by assets along with Pronto!, the country's third-largest consumer finance company.
The deal, which makes Scotiabank the first Canadian bank with a retail network in Uruguay, adds to its already extensive footprint in Latin America. Scotiabank's other holdings include Grupo Financiero Scotiabank in Mexico, Scotiabank El Salvador, Scotiabank de Costa Rica, Scotiabank Sud Americano in Chile and Scotiabank Peru, as well as affiliate Banco del Caribe in Venezuela. -PB News