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Bank of Nova Scotia (BNS-T) said Monday it has agreed to acquire Royal Bank of Scotland's Chilean wholesale banking operations, extending the Canadian bank's already substantial Latin American presence.
Toronto-based Scotiabank said it will take on about $900 million US in assets with the transaction. The bank did not disclose financial terms of the transaction, saying they were not financially material.
Scotiabank first entered the Chilean market in 1990, and is now the country's seventh-largest lender, with total assets there of $10.4 billion.
"We are very proud of our 20-year history of serving clients in the Chilean market and this transaction represents the continued potential to grow our operation in this country," Jim Callahan, Scotiabank's Chilean general manager, said in a statement.