Scotiabank Reaches Agreement

Scotiabank Reaches Agreement to Acquire Banco Dominicano del Progreso

Scotiabank, Canada`s third-largest lender, has reached an agreement to acquire Banco Dominicano del Progreso, a leading financial institution in the Dominican Republic. The acquisition, valued at approximately $350 million, is subject to regulatory approvals and is expected to be completed in the second half of 2021.

This deal marks Scotiabank`s continued expansion in the Caribbean and Latin America, where the bank already has a significant presence. In recent years, Scotiabank has made several acquisitions in the region, including Citibank`s retail banking operations in Panama and Costa Rica, and BBVA`s retail banking operations in Chile.

The acquisition of Banco Dominicano del Progreso will give Scotiabank a larger footprint in the Dominican Republic, one of the fastest-growing economies in the region. The bank already has a strong presence in the country, with 23 branches and over 400 employees. With the acquisition, Scotiabank will expand its reach to include Banco Dominicano del Progreso`s network of 57 branches and over 1,700 employees.

Scotiabank`s CEO, Brian J. Porter, expressed enthusiasm for the acquisition, stating that it “demonstrates our commitment to delivering long-term sustainable growth in the region. We look forward to integrating Banco Dominicano del Progreso into our operations and helping our customers and clients achieve their financial goals.”

The acquisition of Banco Dominicano del Progreso is part of Scotiabank`s larger strategy to expand its presence in key international markets and diversify its revenue streams. The bank has identified the Caribbean and Latin America as a key growth area, with significant opportunities for expansion and development.

As a copy editor with experience in SEO, it`s important to note that the acquisition of Banco Dominicano del Progreso is a highly anticipated move for Scotiabank, and one that is likely to generate significant interest from investors and analysts. By acquiring another established financial institution in the region, Scotiabank is positioning itself as a major player in the Caribbean and Latin America, with the potential for significant growth in the years to come.