MONTEVIDEO – The Uruguayan subsidiary of Canadian banking giant Scotiabank has closed on the acquisition of Discount Bank’s operations in the South American country, Scotiabank said in a statement posted on its Web site.
“This is an important acquisition for Scotiabank that positions us to keep growing and serving more customers in Uruguay, a market with great potential,” said Scotiabank’s country head for Uruguay, Diego Masola.
After the closing of the sale, under the terms of an agreement signed by the two financial institutions in December 2014, the Uruguayan unit of the Canadian bank will enter a transition period during which offices of the two banks will have parallel operations.
Clients in Uruguay of Discount Bank, a New York-based Israeli financial institution, will not see changes in their products and will have access to the same services as before.
Scotiabank, which has operations in 11 Latin American countries, operates 37 branches across Uruguay’s 19 provinces.