Take overs every where
The Bank of Nova Scotia announced Monday it was acquiring Uruguay’s fourth-largest private bank, as well as the country’s third-largest consumer finance company. The value of the deal was not disclosed.
The acquisitions of Nuevo Banco Comercial and Pronto! make Scotiabank the first Canadian bank to have a presence in Uruguay. It also continues a trend of the bank making ongoing acquisitions in South America.
"Scotiabank has deep roots and a long history in the Americas and we are proud to again grow our operations in Latin America," said CEO Rick Waugh.
The bank bought the Royal Bank of Scotland’s wholesale banking operations in Colombia in March of this year, and in September, acquired Dresdner Bank Brasil S.A. from Germany’s Commerzbank AG.
Nuevo Banco has 49 branches in Uruguay and 710 employees, while Pronto! has 480 employees and 37 branches. Scotiabank has said the acquisitions are not financially material to the company.
Analyst John Aiken of Barclay Capital also pointed out that Nuevo has established three branches of a full-banking subsidiary in Brazil, which should augment Scotiabank’s presence there.
“Although very small, we believe that this fits in very well with Scotia's stated strategy in its International Banking operations,” he said in a note to investors. “As for Brazil, we do not believe that this is the signal of broader plans to ramp up retail banking operations, but it does give it a flavour for the market in one of the few significant Latin American economies it doest not have a presence in."
Read more:
https://www.cbc.ca/fp/story/2010/12/06/3933665.html#ixzz17QgAY9mD
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