SANTO DOMINGO, Dominican Republic, Sept. 11 /CNW/ - Scotiabank Group
today announced the Group is expanding its operations in the Dominican
Republic, acquiring a controlling stake in BBVA Crecer AFP - the country's
largest pension fund administrator in number of affiliates - and its related
insurance company, BBVA Seguros. The acquisition is subject to regulatory
approval.
    "The expansion of Scotiabank Group's operations in the Dominican Republic
is indicative of the opportunity that we see within this dynamic and growing
market," said Oscar Zimmerman, President and CEO Scotia Life Insurance
Company.
    BBVA Crecer AFP has over half a million affiliates and RD$6.5 billion in
assets under management, representing a 32 per cent market share by affiliate.
BBVA Seguros was created in 2006 to provide life and disability insurance to
BBVA Crecer AFP's affiliates. BBVA Crecer AFP and BBVA Seguros, together, have
99 employees.
    "As an international financial services provider with more than 175 years
of experience, the Scotiabank Group is optimistic about the future in the
Dominican Republic and confident this acquisition will complement the
financial services we currently offer our customers," said Nicole Reich de
Polignac, Senior Vice-President and Country Manager for Scotiabank in the
Dominican Republic. "Scotiabank Group is known throughout the region for our
stability, strong customer focus, and our commitment to our employees and to
the communities where we live and work."
    Established in the Dominican Republic in 1920, Scotiabank has had a
continuous presence in the country for more than 85 years. Scotiabank has been
part of the Caribbean and Central America region since 1889 when the Bank
opened an office in Kingston, Jamaica. Some 118 years later, Scotiabank is the
leading bank in the region, with operations in 24 countries, including
affiliates. Scotiabank is the only Canadian bank with operations in four of
the seven Central American countries, namely Costa Rica, Belize, Panama and El
Salvador. The Bank employs about 11,350 people in the region and serves more
than two million customers. The Bank has about 380 branches and operates about
855 automated banking machines (ABMs) throughout the region.
    Scotiabank is one of North America's premier financial institutions and
Canada's most international financial services provider. With almost 60,000
employees, Scotiabank Group and its affiliates serve approximately 12 million
customers in some 50 countries around the world. Scotiabank offers a diverse
range of products and services including personal, commercial, corporate and
investment banking. With US$382 billion in assets (as at July 31, 2007),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more
information please visit www.scotiabank.com.