Bank of Nova Scotia today announced it is expanding its operations in the Caribbean and Central America with the acquisition of Citibank’s retail banking business in the Dominican Republic.

“As an international bank with more than 170 years of experience, we are optimistic about the future in the Dominican Republic and confident this acquisition will complement our level of customer service,” said Nicole Reich de Polignac, senior vp and country manager for Scotiabank in the Dominican Republic. “We have a long history in the country and have worked with generations of customers, giving us a deep commitment to the people and communities we serve.”

The acquisition consolidates Scotiabank’s position as the Dominican Republic’s fifth-largest private bank by assets, with 57 bank branches, 75 automated banking machines (ABMs), and more than 1,000 employees.

The acquisition includes three branches, retail loans, deposits, and a credit card portfolio that significantly increases Scotiabank’s credit card holdings in the Dominican Republic.

Scotiabank will continue a co-branding agreement with American Airlines, giving it exclusive rights to issue American’s AAdvantage travel awards program co-branded cards in the country. Terms of the agreement were not released.

“All of us at Scotiabank welcome these new customers and the employees that will join us in the Scotiabank family,” added Reich de Polignac.

Established in the Dominican Republic in 1920, Scotiabank has had a continuous presence for more than 85 years in the country. The bank more than doubled its size in the Dominican Republic in 2003, purchasing a portion of the assets of another bank, becoming the fifth-largest private bank in the country.

Scotiabank has been part of the Caribbean and Central America since 1889. It is now the leading bank in the region, with operations in 25 countries. The bank has some 10,225 employees in the region, serving more than two million customers, with about 370 branches and about 780 ABMs.