Sco­tia­bank buys bank in Uruguay

The Pak Banker - - Company& -

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

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.