Bank of Nova Scotia is pushing deeper into Latin America with a US$2.2-billion bid for control of a Chilean rival, looking to ignite its growth as the bank's fourth-quarter profit edged higher but missed expectations.
Canada’s Scotiabank has announced plans to shut or shrink 120 branches, largely in Mexico and the Caribbean, in a bid to save CAN$120 million (One Canadian dollar =US$0.87 cents) annually. The bank said it would close down 35 of its 200 branches in the Caribbean and would sever 1, 500 full-time employees, including 500 from its international operations.
Canadian government has enlisted Bank of Nova Scotia CEO Rick Waugh to lead a group of chief executives who will help broker deeper trade and investment relations with Brazil, the world’s seventh largest economy.
Argentina’s central bank said the Bank of Nova Scotia dropped legal actions against the country under which it sought 600 million dollars.
Canada’s Scotiabank announced it has closed the transaction to purchase Nuevo Banco Comercial S.A. (NBC), Uruguay's fourth largest private bank in terms of loans and deposits. The acquisition was announced on December 6, 2010. Terms of the agreement were not disclosed.
Chilean regulators approved last week the acquisition by Canada’s Bank of Nova Scotia (BNS) of the The Royal Bank of Scotland, and associate companies following on the agreement signed last September.