Scotiabank announced Tuesday that it has reached an agreement with financial authorities that will enable it to more than double its presence in the Dominican Republic.

The transactions covered by the agreement include Scotiabank acquiring up to 35 branches and hiring up to 460 employees of the dissolved Banco Intercontinental as well as purchasing select financial assets including credit card, personal and commercial loans.

Full details of the agreement were not disclosed, but the transaction is to include the purchase of real estate of approximately US $25 million plus an option to purchase financial assets. With the completion of this agreement, Scotiabank will be the 5th largest private bank in the Dominican Republic in terms of branches.

“We have a long history in the Dominican Republic and have worked with generations of customers, giving us a deep commitment to the people and communities we serve,” said Rick Waugh, president, Scotiabank. “Today’s announcement underscores our commitment to continue the growth that we have been seeing in the Dominican Republic, and will give us a major presence right across the country.”

The transactions necessary to close the deal are subject to a number of conditions, including finalizing and signing definitive documents. The transactions will occur in two steps. The first, which is expected to occur in the next 10-15 days is the purchase of a select portion of the credit card portfolio. The second, which involves acquiring up to 35 branches and select personal and commercial loans, is expected to commence in 30 days and will be completed over a three-month period.

Scotiabank is not assuming any liabilities of Baninter, but will be working with customers who hold deposits to enable them to open a Scotiabank account if they choose to do so.

“We continue to see tremendous potential in this market,” said Peter Cardinal, scotiabank executive vice president, Latin America.

In the last year alone Scotiabank has added five new branches in the Dominican Republic, and will be opening another one in Santo Domingo this fall.