The Canadian bank has signed options to buy Banco del Trabajo, the 9th largest commercial bank in Peru, from controlling shareholder, Inversiones Altas Cumbres SA of Chile.

Scotiabank provided no financial details. The agreement is conditional upon regulatory approvals.

Founded in 1994, Banco del Trabajo had assets of US$386 million at Sept. 31, 2007.

The purchase is the second for Scotiabank in Peru in two years since paying US$330 million for Banco Wiese Sudameris (BWS) in 2005. The transaction ultimately combined BWS and Banco Sudamericano to form the country’s third largest bank.

Scotiabank has been in Peru since 1997.