Scotiabank closes transaction to buy Nuevo Banco Comercial

On June 29, 2011, Scotiabank announced it closed its previous announced transaction to purchase Nuevo Banco Comercial S.A. (NBC), Uruguay's fourth largest private bank in terms of loans and deposits. Terms of the agreement are not financially material to Scotiabank Group and were not disclosed.

The acquisition, announced on December 6, 2010, makes Scotiabank the first Canadian bank with a retail network in Uruguay. With the largest retail banking network in Uruguay and the only private bank with a presence in all 19 provinces, Nuevo Banco Comercial has 49 branches, 710 employees and 85 automated banking machines (ABMs), in addition to a three-branch, full-banking subsidiary in Brazil.

Scotiabank, headquartered in Toronto, is one of North America's leading financial institutions and Canada's most international bank.

Further information is found on Canada Newswire's website.