Scotiabank announced last week that it will proceed with the purchase of 39 branches and the hiring of 460 employees of the intervened Baninter, a move that will make the Canadian institution the fifth largest private bank in the country. Peter Cardinal, Scotiabank’s executive vice-president for Latin America, said, “This announcement underscores our ongoing commitment to the Caribbean and Central America, a region where our presence is already twice that of our nearest competitor.”
In the transaction, Scotiabank will also take over select credit card accounts, and personal and commercial loans. The acquired branches will be converted into Scotiabank locations over the next three months and will complement the bank’s existing 20-branch Dominican network. Scotiabank is not assuming any of Baninter’s liabilities, but will be working with customers who held Baninter deposits, and offering them Scotiabank accounts, if they choose.
Jim Meek, Scotiabank’s senior vice-president and general manager in Santo Domingo, said: “We’ve been doing business in the Dominican Republic for more than 83 years and this announcement opens an exciting new chapter in the Bank’shistory – enabling us to play an active role in communities right across the country.” See http://www.scotiabank.com/cda/content/0,1608,CID54_LIDen,00.html