NewsWhore
09-12-2007, 05:10 PM
Scotiabank, the Dominican affiliate of the Bank of Nova Scotia, Canada's second-largest bank, has agreed to buy a controlling stake in BBVA Crecer AFP for US$50 million in cash to expand its operations in the Dominican Republic. Scotiabank had previously considerably increased its presence in the DR when in 2003 the government chose it for the purchase of 22 of the best branches of the intervened Baninter commercial bank. The purchase further enhances Scotiabank's position as a major player in Dominican financial market.
The new purchase includes the country's largest pension fund administrator in number of affiliates and its related insurance company, BBVA Seguros. BBVA Crecer is a unit of Banco Bilbao Vizcaya Argentaria SA, Spain's No. 2 bank and has assets of US$190 million (RD$6.5 billion), Toronto-based Scotiabank said in an 11 September statement.
"The expansion of Scotiabank Group's operations in the Dominican Republic is indicative of the opportunity that we see within this dynamic and growing market," said Oscar Zimmerman, President and CEO Scotia Life Insurance Company.
BBVA Crecer AFP has over half a million affiliates and RD$6.5 billion in assets under management, representing a 32 per cent market share by affiliate.
BBVA Seguros was created in 2006 to provide life and disability insurance to BBVA Crecer AFP's affiliates. BBVA Crecer AFP and BBVA Seguros, together, have 99 employees.
"As an international financial services provider with more than 175 years of experience, the Scotiabank Group is optimistic about the future in the Dominican Republic and confident this acquisition will complement the financial services we currently offer our customers," said Nicole Reich de Polignac, Senior Vice-President and Country Manager for Scotiabank in the Dominican Republic. "Scotiabank Group is known throughout the region for our stability, strong customer focus, and our commitment to our employees and to the communities where we live and work."
Established in the Dominican Republic in 1920, Scotiabank has had a continuous presence in the country for more than 85 years. Scotiabank has been part of the Caribbean and Central America region since 1889 when the Bank opened an office in Kingston, Jamaica. Some 118 years later, Scotiabank is the leading bank in the region, with operations in 24 countries, including affiliates. Scotiabank is the only Canadian bank with operations in four of the seven Central American countries, namely Costa Rica, Belize, Panama and El Salvador.
More... (http://www.dr1.com/index.html#8)
The new purchase includes the country's largest pension fund administrator in number of affiliates and its related insurance company, BBVA Seguros. BBVA Crecer is a unit of Banco Bilbao Vizcaya Argentaria SA, Spain's No. 2 bank and has assets of US$190 million (RD$6.5 billion), Toronto-based Scotiabank said in an 11 September statement.
"The expansion of Scotiabank Group's operations in the Dominican Republic is indicative of the opportunity that we see within this dynamic and growing market," said Oscar Zimmerman, President and CEO Scotia Life Insurance Company.
BBVA Crecer AFP has over half a million affiliates and RD$6.5 billion in assets under management, representing a 32 per cent market share by affiliate.
BBVA Seguros was created in 2006 to provide life and disability insurance to BBVA Crecer AFP's affiliates. BBVA Crecer AFP and BBVA Seguros, together, have 99 employees.
"As an international financial services provider with more than 175 years of experience, the Scotiabank Group is optimistic about the future in the Dominican Republic and confident this acquisition will complement the financial services we currently offer our customers," said Nicole Reich de Polignac, Senior Vice-President and Country Manager for Scotiabank in the Dominican Republic. "Scotiabank Group is known throughout the region for our stability, strong customer focus, and our commitment to our employees and to the communities where we live and work."
Established in the Dominican Republic in 1920, Scotiabank has had a continuous presence in the country for more than 85 years. Scotiabank has been part of the Caribbean and Central America region since 1889 when the Bank opened an office in Kingston, Jamaica. Some 118 years later, Scotiabank is the leading bank in the region, with operations in 24 countries, including affiliates. Scotiabank is the only Canadian bank with operations in four of the seven Central American countries, namely Costa Rica, Belize, Panama and El Salvador.
More... (http://www.dr1.com/index.html#8)