The Bank of Nova Scotia (Scotiabank) has consented to sell its benefits and protection business in the Dominican Republic to Grupo Rizek for an undisclosed aggregate.

The Canadian loan specialist said that the offer of Scotia Crecer AFP and Scotia Seguros lines up with its arrangement to zero in on center Caribbean markets.

The most recent declaration comes not long after Scotiabank chose to offload its protection activities in Jamaica and Trinidad and Tobago alongside its financial tasks in nine Caribbean countries.Scotiabank bunch head of global banking and advanced change Nacho Deschamps said: "With its solid monetary development and populace of north of 10 million individuals, the Dominican Republic stays a significant market for Scotiabank.

This exchange is adjusted to late declarations with respect to the Bank's Caribbean activities, including Dominican Republic employee benefits market our consent to obtain Banco Dominicano del Progreso (forthcoming administrative endorsement and shutting conditions).

"We are expanding center around developing our financial business in the Dominican Republic, where we have the chance to accomplish upgraded scale and proposition the best worth to clients."

Scotiabank anticipates that the arrangement should prompt a capital increase and raise its generally expected value level one capital proportion by almost 10 premise focuses. The exchange is forthcoming administrative gesture.

Grupo Rizek delegate Héctor José Rizek Sued said: "This exchange addresses the gathering's obligation to the country's monetary development, affirms its trust in the monetary security of the Dominican economy, and adds to a stately retirement for our clients."