Scotiabank Buys Citibank Retail Operations In DR

Canada’s Scotiabank has agreed to buy the retail operations of Citibank in Dominican Republic for an undisclosed sum. The acquisition will increase Scotiabank’s share of the local consumer credit market. Canada’s third-largest bank has been active in the Latin American market recently as it pursues its strategy of expansion. In March it bought control of Peruvian bank Sudamericano for $62.4 million. It plans to merge Sudamericano with Peru’s third-largest bank, Banco Wiese Sudameris, which it acquired for $265 million last year.