Scotiabank Expands Operations in Guatemala and the Dominican Republic Through Acquisitions of Grupo Altas Cumbres' Units
biz.yahoo.com
Monday February 4, 7:30 am ET
GUATEMALA CITY, SANTO DOMINGO, LIMA, SANTIAGO and TORONTO, Feb. 4 /CNW/ - Scotiabank today announced the Bank is expanding its operations in Guatemala and the Dominican Republic through an agreement reached with Grupo Altas Cumbres (GAC) of Chile. Terms of the transaction are not being disclosed, all regulatory approvals have been received and the deal is expected to close within days.
Under this agreement Scotiabank will acquire GAC's Banco de Antigua in Guatemala and select assets of Banco de Ahorro y Credito Altas Cumbres in the Dominican Republic. As previously announced, the agreement also includes an option to purchase GAC's bank in Peru, Banco del Trabajo.
"We are always looking for the opportunity to grow strategically in high potential markets, particularly those where we have an existing footprint," said Rob Pitfield, Executive Vice President, International Banking, Scotiabank. "Today's announcement reinforces our commitment to grow in Central America and the Caribbean."
Banco de Antigua was established in Guatemala in 1997. With 47 branches and 98 special service "Rapidito" kiosks, Banco de Antigua serves 160,000 clients and reported US$82 million in total assets at the end of June 2007. Scotiabank first entered the Guatemala market in 2006 through the acquisition of Costa Rican based Corporacion Interfin, which offered leasing products in Guatemala. In 2007, Scotiabank opened Scotia Leasing Guatemala S.A.
Banco de Ahorro y Credito Altas Cumbres has operated in the Dominican Republic since 2002 and currently has six branches and 35 additional points of sale, serving 39,000 clients. Banco de Ahorro y Credito Altas Cumbres reported US$29 million in total assets at the end of June 2007. Scotiabank is acquiring a selected portion of those assets and will be branding these locations and services as Soluciones - Scotiabank following the close of the agreement.
Scotiabank has been part of the Caribbean and Central America region since 1889 when the Bank opened an office in Kingston, Jamaica. Some 118 years later, Scotiabank is the leading bank in the region, with operations in 24 countries, including affiliates. Scotiabank is the only Canadian bank with operations in five of the seven Central American countries, namely Costa Rica, Belize, Panama, El Salvador and Guatemala. The Bank now employs about 11,630 people in the region and serves more than two million customers. Scotiabank now also has about 380 branches and 860 ABMs throughout the Caribbean and Central America. |
