Bank of Nova Scotia today announced that Scotiabank Group has closed a deal to acquire controlling interests in BBVA Crecer AFP, a pension fund administrator in the Dominican Republic, and its related insurance company, BBVA Seguros.

Terms of the transaction were not disclosed.

“The addition of BBVA Crecer AFP and BBVA Seguros fits with our strategy of driving sustainable revenue growth by building our presence in countries where we have existing operations,” says Oscar Zimmerman, president and CEO Scotia Life Insurance Co. Scotiabank has had a continuous presence in the Dominican Republic for more than 85 years.

BBVA Crecer AFP has over half a million affiliates and RD$6.5 billion ($197 million Cdn.) in assets under management, representing a 32% market share by number of affiliates. 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.

Miguel Jarsun, Scotiabank’s former head of personal banking in the Dominican Republic, has been appointed president of the newly acquired companies,”

“Miguel is a strong leader with extensive experience in the financial services sector. I know that his combination of experience and insight will benefit employees and customers alike.” says Jim Meek, senior vp, Dominican Republic, Scotiabank.

(1 Dominican peso is approx. 3¢ Cdn.)