Scotiabank acquires Grupo Altas Cumbres

Date Closed

March 06, 2008

Lead Office

Toronto

On March 6, 2008, Scotiabank  announced the Bank is expanding its operations in Guatemala and the Dominican Republic through an agreement reached with Grupo Altas Cumbres (GAC) of Chile. Under this agreement Scotiabank will acquire GAC's Banco de Antigua in
Guatemala and select assets of Banco de Ahorro y Credito Altas Cumbres in the Dominican Republic. As previously announced, the agreement also includes an option to purchase GAC's bank in Peru, Banco del Trabajo. 

McCarthy Tétrault LLP advised Scotiabank with a team led by Ian Arellano.