BNS doubles its presence

Article Excerpt

BANK OF NOVA SCOTIA $74.95 (Toronto symbol BNS; Shares outstanding: 1.2 billion; Market cap: $92.3 billion; TSINetwork Rating: Above Average; Dividend yield: 4.5%) has agreed to acquire Banco Dominicano del Progreso, a bank with 57 branches, 188 ATMs and 367 banking sub-agents in the Dominican Republic. The purchase will double Bank of Nova Scotia’s customer base in that country from 250,000 to 500,000. Adding the new operations makes the bank the fourth-largest lender in the Dominican Republic, with 10% of the market. It’s also the fourth-largest lender in terms of assets. Bank of Nova Scotia has yet to reveal how much it has agreed to pay. However, it should complete the transaction in the next few months. Bank of Nova Scotia is a buy. buy…