Scotiabank announced they completed the previously reported sale of Scotia Crecer AFP and Scotia Seguros, its pension and related insurance businesses in the Dominican Republic , to Grupo Rizek.

Grupo Rizek is one of the largest and most prominent diversified business groups in the Dominican Republic with a long-standing reputation in agribusiness and the financial services industry.

“We are pleased and proud to have completed this transaction with Scotiabank’s team, during which we were able to confirm that the Bank employs the best financial practices and adheres to the highest local and international standards. We continue to stand behind our commitment to work responsibly, efficiently and rigorously for the benefit of the Dominican economy,” said Héctor José Rizek Sued, Grupo Rizek representative.

“With the closing of this transaction, we have completed one more phase in the optimization of our international footprint. Our continued focus is on our key markets and businesses in the Pacific Alliance countries, the Caribbean and Central America, where we can achieve greater scale and deliver the best value for our customers,” added Nacho Deschamps, Group Head of International Banking and Digital Transformation at Scotiabank.