Scotiabank picks up Progeso

Scotiabank picks up Progeso

M&A Caribbean Dominican Republic

Canada's Scotiabank has agreed to buy Banco Dominicano del Progreso, a deal that will make the lender the fourth-largest loans provider in the Dominican Republic. Scotiabank valued the purchase at roughly $330m, according to a source familiar with the proceedings. Regulatory approval of the acquisition is expected in approximately six months. The Progreso purchase impacts Scotiabank's common equity tier one capital ratio by roughly 10bp, while the transaction is not financially material to the C

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