Bank of Nova Expands in the Dominican Republic

Bank of Nova Scotia has reportedly acquired Citibank´s retail banking business in the Dominican Republic, including three branches, for an undisclosed price.

The deal, announced Tuesday, consolidates Scotia Bank´s position as the Dominican Republic´s fifth-largest private bank by assets, with 57 bank branches, 75 automated banking machines and more than 1,000 employees.

The acquisition includes three branches, retail loans, deposits and a credit card portfolio that significantly increases Scotia Bank´s credit card holdings in the Dominican Republic. A co-branding agreement with American Airlines will continue.

Established in the Dominican Republic in 1920, Scotia Bank has had a continuous presence for more than 85 years in the country.

The Bank of Nova Scotia is Canada´s most international bank. With more than 50,000 employees and $285 million U.S. in assets, Scotia Bank and its affiliates serve about 10 million customers in about 50 countries.

Scotia Bank has been part of the Caribbean and Central America since 1889. It is now the leading bank in the region, with operations in 25 countries, 10,225 employees in the region and about 370 branches.