Of Special Interest


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7th October 2011

Scotiabank completes on Banco Múltiplo

Scotiabank completed on the purchase of Dresdner Bank Brasil S.A. - Banco Múltiplo (Multiplo) from Commerzbank. Terms of the transaction are considered 'not financially material' by Scotiabank.

Multiplo has a multiple banking licence in Brazil although in recent times it has operated only as a wholesale bank. The bank will operate in future as Scotiabank Brasil S.A. Banco Multiplo. Scotiabank has only had a representative office until now in Brazil despite having rapidly expanded in other parts of Latin America. Brazil is the fifth most populous country in the world and has a GDP estimated at $2.3tr.

"Scotiabank is very optimistic about the opportunity in Brazil and we see tremendous potential for continued expansion of our wholesale business in key Latin American markets, where we have significant strategic strength - such as oil and gas, power, metals and mining, agriculture and infrastructure," said Mike Durland, Group Head, Global Capital Markets, and Co-CEO, Scotia Capital. "Leveraging Scotiabank's long, proud history across the region provides deep market insight and an ability to offer unique expertise to meet the needs of corporate and institutional clients."