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Scotiabank to buy Dominican Republic-based Banco Dominicano del Progreso

Canada's Bank of Nova Scotia reached an agreement to buy Banco Dominicano del Progreso SA- Banco Múltiple, a Dominican Republic-based bank, subject to regulatory approval.

Terms of the deal, which had been rumored to be under consideration in 2015, were not disclosed.

Scotiabank expects the transaction will have 10 basis point-impact on its common equity tier 1 capital ratio, which measures the core equity capital to total risk-weighted assets. It does not, however, expect the deal to be financially significant.

Banco Dominicano currently has 57 branches in the country, 188 automated banking machines, and 367 sub-agents. Scotiabank, which controls Scotiabank Dominican Republic, said the deal will double its client base in the country to 500,000 from 250,000.