Scotiabank Growing in the Caribbean and Central America

The transaction announced includes the merger of Scotiabank El Salvador and BanCo, and would see Scotiabank significantly increase its presence in El Salvador. The merger transaction is expected to close before March 31, 2005 and is subject to regulatory and shareholder approvals. Scotiabank El Salvador is the fifth largest bank in the country, with 430 employees, 20 branches and 21 automated banking machines (ABMs) across the country. With the merger of Scotiabank El Salvador and BanCo, Scotiabank will become the majority shareholder of the countrys fourth-largest bank, with a consolidated market share of more than 17 per cent. The merger will create a bank with nearly US$1.6 billion in assets. BanCo has 1,600 employees, as well as 47 branches and 83 ABMs. BanCo offers products and services in the personal, commercial and corporate banking areas. BanCo is also active in the remittance business, with 12 branches in the U.S. Through affiliates, the bank also has a presence in the Salvadorian insurance, factoring and leasing markets.