Scotiabank to acquire Banco Dominicano del Progreso in Dominican Republic

Scotiabank says it has reached a deal to acquire Banco Dominicano del Progreso, a bank with operations in the Dominican Republic. The Canadian bank, which has been focused on expanding its presence in Latin America, says the transaction is not financially material. Scotiabank says the acquisition will make it the Dominican Republic’s fourth-largest loan provider […]

By The Canadian Press | August 14, 2018 | Last updated on August 14, 2018

1 min read

Scotiabank says it has reached a deal to acquire Banco Dominicano del Progreso, a bank with operations in the Dominican Republic.

The Canadian bank, which has been focused on expanding its presence in Latin America, says the transaction is not financially material.

Scotiabank says the acquisition will make it the Dominican Republic’s fourth-largest loan provider and fourth-largest full-service bank as measured by assets.

Its customer base in the country will double to about 500,000.

Banco Dominicano del Progreso’s operations include 57 branches, 188 ABMs and 367 banking sub-agents.

Until regulatory approval is obtained and the transaction closes, all operations are expected continue to operate as usual.

Read:

Scotiabank completes acquisition of Chilean Bank

Big 5 banks beat Q2 expectations with strong international growth

Scotiabank secures access to physicians with MD Financial purchase