18 April 2006

Scotiabank Buys Citigroup's Dominican Republic Unit

Canadian Press, 18 April 2006

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

The deal, announced Tuesday, consolidates Scotiabank'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.

"As an international bank with more than 170 years of experience, we are optimistic about the future in the Dominican Republic and confident this acquisition will complement our level of customer service," Nicole Reich de Polignac, senior vice-president and country manager for Scotiabank in the Dominican, said Tuesday in a release

Federico Grigera, VP for Citibank in the Dominican Republic, said the Caribbean country remains an important market for his company, which will concentrate on the country's traditional corporate and international banking clients.

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

Established in the Dominican Republic in 1920, Scotiabank 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 US in assets, Scotiabank and its affiliates serve about 10 million customers in about 50 countries.

Scotiabank 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.