Scotiabank acquires bank in Uruguay

By Staff | June 29, 2011 | Last updated on June 29, 2011
1 min read

Scotiabank has completed its purchase of Uruguay’s fourth-largest private bank in terms of loans and deposits. The acquisition of Nuevo Banco Comercial S.A. (NBC) was initially announced in December 2010, but terms of the agreement were not disclosed.

“Scotiabank is proud to enhance our already-unique footprint in Latin America by becoming the first bank based in Canada with a retail presence in Uruguay,” said Dieter Jentsch, executive vice-president, Latin America, with Scotiabank. “We have built our business in the region by delivering superior service and will continue this tradition with our new customers in Uruguay.”

NBC boasts Uruguay’s largest retail banking network, with 47 branches, 710 employees and 90 automated banking machines. It also operates a three-branch, full-banking subsidiary in Brazil.

The transaction follows Scotiabank’s acquisition earlier this year of Pronto!, Uruguay’s third-largest consumer finance company. The organization’s Latin American footprint also includes operations in Peru, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Mexico, Panama, Puerto Rico and Venezuela. staff


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