Source: The Canadian Press

Bank of Nova Scotia said Monday it has completed its deal with Commerzbank AG to buy Dresdner Bank Brasil S.A., a wholesale bank the Canadian financial institution plans to operate as its Brazilian unit.

The Toronto-based bank (TSX:BNS) said late Monday the deal, first announced more than a year ago, is not financially material to Scotiabank.

It plans to operate the acquired company as Scotiabank Brasil S.A.

Financial details of the purchase were not revealed.

“This new wholesale operating platform will accelerate our organic growth strategy in the Brazilian market,” said Steve McDonald, Scotiabank’s group head, global corporate and investment banking, and co-chief executive of Scotia Capital.

Brazil is one of the fastest-growing economies of the world with an expanding trade relationship with Canada.

Scotiabank is the most internationally diverse Canadian bank with extensive operations in the Caribbean and has growing businesses in Mexico and other parts of Latin America.