Scotiabank said Monday it has struck a deal to boost its operations in the Caribbean and Central America.
The bank said it will buy Banco de Antigua in Guatemala from Grupo Altas Cumbres of Chile. Scotiabank is also buying some assets of Banco de Ahorro y Credito Alta Cumbres in the Dominican Republic.
Terms of the deal were not disclosed, though Scotiabank said all regulatory approvals are in hand and the deal is expected to close within days.
Scotiabank also has an option to buy Grupo Altas Cumbres' Peruvian bank, Banco del Trabajo.
"We are always looking for the opportunity to grow strategically in high potential markets, particularly those where we have an existing footprint," said Rob Pitfield, executive vice-president of international banking at Scotiabank. "Today's announcement reinforces our commitment to grow in Central America and the Caribbean."
Scotiabank said it has operations in 24 countries in Central America and the Caribbean.
Shares of Scotiabank slipped 54 cents to end at $48.29 on the TSX.