Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
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."