The Bank of Nova Scotia announced today it has signed the definitive documentation for the transaction, first disclosed on July 8, that will more than double the size of its operations in the Dominican Republic.

“This agreement, to be implemented over the next three months, provides Scotiabank with a major presence across the Dominican Republic and will position us as the fifth largest private bank in the country — a market where we see tremendous potential,” said Peter Cardinal, Scotiabank executive vice president, Latin America.

The transaction agreements, finalized with Dominican financial authorities, provide for the purchase of 39 branches — a slight increase from the 35 outlined in the Memorandum of Understanding — and the hiring of 460 employees of Banco Intercontinental (Baninter). The transaction also includes the purchase of selected credit card, personal and commercial loans. Terms of the deal were not disclosed.

Acquired branches will be converted into Scotiabank locations over the next three months and will supplement the bank’s existing 20-branch Dominican network. 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.