MercoPress. South Atlantic News Agency

Canadian bank interested in setting foot in Uruguay

Nuevo Banco Comercial is the third largest by assets

Nova Scotia bank is close to buying Advent International Corp.’s 54% stake in Uruguay’s Nuevo Banco Comercial, Business News Americas reported on its website.

The agreement could be announced before the end of the month, Business News said, citing unidentified people with direct knowledge of the talks. The Canadian bank may also buy Pronto, a consumer credit firm, according to the report.

Scotiabank, based in Toronto, is Canada’s third-largest bank by assets. Nuevo Banco Comercial is Uruguay’s third-biggest lender, with 1.42 billion US dollars in assets, Business News said.