Canada’s Scotiabank announced the Superintendency of Banks and the Monetary Board of the Central Bank have cleared their acquisition of 97.44% stake in the Banco Dominicano del Progreso. The Scotiabank is now the fourth largest full-service bank in the Dominican Republic in terms of assets with a market share of 10%.
Scotiabank now expects to double its customer base through the transaction from about 250,000 to 500,000 and gain a third-place ranking in the credit card segment in the Caribbean country with a 17% share of the market.
Banco Dominicano del Progreso’s operations include 57 branches, 184 automated banking machines (ABMs) and over 160 banking sub-agents, serving over 250,000 personal and commercial banking customers.
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Compelo
5 March 2019