CaribWorldNews, ONTARIO, Canada, Tues. Feb. 5, 2008: Scotiabank, which dubs itself as one of North America's leading financial institutions and Canada's most international bank, is set to expand its presence in the Dominican Republic and Guatemala.

Officials yesterday announced the company has struck a deal to boost its operations by buying Banco de Antigua in Guatemala from Grupo Altas Cumbres of Chile and some assets of Banco de Ahorro y Credito Alta Cumbres in the Dominican Republic.

Terms of the deal were not disclosed but Scotiabank said all regulatory approvals are in hand and the deal is expected to close within days.

Scotiabank also has an option to buy Grupo Altas Cumbres' Peruvian bank, Banco del Trabajo. `We are always looking for the opportunity to grow strategically in high potential markets, particularly those where we have an existing footprint,` Rob Pitfield, executive vice-president of international banking at Scotiabank said in a statement. `Today's announcement reinforces our commitment to grow in Central America and the Caribbean.`

Scotiabank already has operations in 24 countries in Central America and the Caribbean. The bank celebrated its 175th anniversary in 2007 and has close to 57,000 employees while its affiliates serve approximately 12 million customers in some 50 countries around the world.

The more than 27,100 employees of this business line, its subsidiaries and affiliates provide a full range of financial services to approximately 5 million customers across the Caribbean and Central America, Mexico, Latin America and Asia. – CaribWorldNews.com