TORONTO and NEW
YORK, Aug.
14, 2018 /CNW/ - Scotiabank announced today that it has
reached an agreement to acquire Banco Dominicano del Progreso, a
bank with operations in the Dominican
Republic, subject to regulatory approval. Scotiabank's
common equity tier one capital ratio will be impacted by
approximately 10 basis points. The transaction is not financially
material to Scotiabank.
This move reinforces the Bank's commitment to gain greater scale
in economically stable markets with strong growth prospects and
should help boost profitability even further over the long term.
Once the transaction closes, Scotiabank will be the Dominican Republic's fourth largest
full-service bank as measured by assets, and fourth-largest loans
provider, with 10% of the market. Overall, its customer base will
double in size from approximately 250,000 to 500,000. The
Dominican Republic, with a
population of over 10 million people, has had the fastest growing
economy in Latin America for the
last several years and is a priority market for Scotiabank in the
Caribbean region.
Currently, Banco Dominicano del Progreso's operations in the
country include 57 branches, 188 ABMs and 367 banking sub-agents
that serve more than 250,000 retail and commercial customers.
Until regulatory approval is obtained and the transaction
closes, all operations, branches and products will continue to
operate as usual. Scotiabank and Banco Dominicano del
Progreso will work together to ensure a smooth transition for both
employees and customers.
About Scotiabank
Scotiabank is Canada's international bank and a
leading financial services provider in North
America, Latin America,
the Caribbean and Central America, Europe and Asia-Pacific. We are dedicated
to helping our 24 million customers become better off through a
broad range of advice, products and services, including personal
and commercial banking, wealth management and private banking,
corporate and investment banking, and capital markets. With a team
of more than 89,000 employees and assets of over $926
billion (as at April 30, 2018), Scotiabank trades on
the Toronto (TSX: BNS) and New York Exchanges (NYSE:
BNS). For more information, please
visit www.scotiabank.com and follow us on Twitter
@Scotiabank.
SOURCE Scotiabank