Scotiabank seen buying Uruguay bank stake: reports

MONTEVIDEO (BestGrowthStock) – Bank of Nova Scotia (BNS.TO: ), Canada’s third-largest lender, is seen buying a stake in Uruguay’s Nuevo Banco Comercial in the coming days, Uruguayan media reported on Thursday.

Private equity firm Advent International could sell its stake in NBC to Scotiabank this week or next, according to El Pais newspaper, which quoted unnamed sources close to the deal.

Advent International owns about 33 percent of the bank’s total shares.

Weekly newspaper Busqueda also reported that Uruguay’s government plans to eventually sell its 40 percent stake in NBC, one of the South American country’s largest banks.

Officials at NBC declined to comment on the reports.

As of October 31, the bank’s deposits totaled nearly 21 billion Uruguayan pesos, or roughly $1.05 billion.

Advent paid about $167 million in 2006 for its stake in NBC.

($1=20.00 Uruguayan pesos)

(Reporting by Conrado Hornos; Writing by Hilary Burke; Editing by Lisa Von Ahn)

Scotiabank seen buying Uruguay bank stake: reports