Scotiabank Group s expanding its operations in the Dominican Republic, as it announced on Tuesday that it is acquiring a controlling stake in BBVA Crecer AFP — the country’s largest pension fund administrator in number of affiliates — and its related insurance company, BBVA Seguros. The acquisition is subject to regulatory approval.

“The expansion of Scotiabank Group’s operations in the Dominican Republic is indicative of the opportunity that we see within this dynamic and growing market,” said Oscar Zimmerman, president and CEO Scotia Life Insurance Co.

BBVA Crecer AFP has over half a million affiliates and RD$6.5 billion in assets under management, representing a 32% market share by affiliate. BBVA Seguros was created in 2006 to provide life and disability insurance to BBVA Crecer AFP’s affiliates. BBVA Crecer AFP and BBVA Seguros, together, have 99 employees.

“As an international financial services provider with more than 175 years of experience, the Scotiabank Group is optimistic about the future in the Dominican Republic and confident this acquisition will complement the financial services we currently offer our customers,” said Nicole Reich de Polignac, senior vice president and country manager for Scotiabank in the Dominican Republic.