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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,222,528,089
Close 2019-05-01 C$ 73.67
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Scotiabank completes sale of Crecer, Seguros to Grupo

2019-05-01 09:32 ET - News Release

Mr. Nacho Deschamps reports

SCOTIABANK COMPLETES SALE OF ITS PENSION AND RELATED INSURANCE OPERATIONS IN THE DOMINICAN REPUBLIC TO GRUPO RIZEK

Bank of Nova Scotia has completed the previously reported sale of Scotia Crecer AFP and Scotia Seguros, its pension and related insurance businesses in the Dominican Republic, to Grupo Rizek.

Grupo Rizek is one of the largest and most prominent diversified business groups in the Dominican Republic with a long-standing reputation in agribusiness and the financial services industry.

"We are pleased and proud to have completed this transaction with Scotiabank's team, during which we were able to confirm that the bank employs the best financial practices and adheres to the highest local and international standards. We continue to stand behind our commitment to work responsibly, efficiently and rigorously for the benefit of the Dominican economy," said Hector Jose Rizek Sued, Grupo Rizek representative.

"With the closing of this transaction, we have completed one more phase in the optimization of our international footprint. Our continued focus is on our key markets and businesses in the Pacific Alliance countries, the Caribbean and Central America, where we can achieve greater scale and deliver the best value for our customers," added Nacho Deschamps, group head of international banking and digital transformation at Scotiabank.

About Bank of Nova Scotia

Scotiabank is Canada's international bank and a leading financial services provider in the Americas. The bank is dedicated to helping more than 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 98,000 employees and assets of over $1-trillion (as at Jan. 31, 2019), Scotiabank trades on the Toronto Stock Exchange and New York Stock Exchange.

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