In Uruguay NBC has 47 branches, 710 employees and 90 automated banking machines (ABMs), in addition to a three-branch, full-banking subsidiary in Brazil.
The acquisition was announced in December 6, 2010. Terms of the agreement were not disclosed.
Scotiabank executive vice-president for Latin America Dieter Jentsch said Scotiabank is proud to enhance their already unique footprint in Latin America by becoming the first bank based in Canada with a retail presence in Uruguay.
"We have built our business in the region by delivering superior service and will continue this tradition with our new customers in Uruguay," Jentsch said.
Earlier this year Scotiabank acquired Pronto!, Uruguay’s third-largest consumer finance company. These two investments together are expected provide Scotiabank with a strong foothold in the Uruguayan market.
Scotiabank’s Latin American footprint also includes operations in Peru, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Mexico, Panama, Puerto Rico and Venezuela.
