Dominican Republic Best Bank: Scotiabank Dominican Republic
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The only Canadian bank in the Dominican Republic, Scotiabank has more than doubled its size since the nation’s banking crisis in 2003, when it bought the failed Banco Intercontinental. Scotiabank is now the fifth-largest private bank in the country and is challenging market leader Banco Popular in the retail business. Scotiabank bought Citigroup’s consumer banking business in the Dominican Republic in April for an undisclosed sum, a deal that significantly increases its credit card holdings as well as its retail loans and deposits. Scotiabank now has 57 branches and a sophisticated internet banking arm for commercial clients in the republic, where it has been operating since 1920. The bank’s total assets reached $566 million in September last year (the latest figures available) a steady increase over the past three quarters.