Scotiabank has agreed to acquire 100% of the common shares in Nuevo Banco Comercial (NBC), an Uruguay-based private bank, as well as consumer finance company Pronto! from investor group led by Advent International.

NBC has 49 branches across all 19 provinces, 710 employees and 85 automated banking machines (ABMs), in addition to a three-branch, full-banking subsidiary in Brazil.

Among private banks, NBC has an 11% share of the nation’s loan and deposits market, with a particularly significant portion of the $1.2bn in total deposits being stable core funding.

With 480 employees, 600 retail points of sale and 37 branches, Pronto! has some 200,000 clients and major presence in personal loans.

Terms of the agreement were not disclosed. The transactions are subject to regulatory approvals.

Scotiabank would be the first Canadian bank with a retail network in Uruguay.

Scotiabank group head for International Banking Brian Porter said Scotiabank has ambitious plans for the Uruguay market and that is what makes this an exciting opportunity for customers and the introduction to the Uruguay market will enhance an already unique Latin American footprint.