Scotiabank closes its operations in El Salvador

Scotiabank, the most internationally focussed of Canada's banks, announced the sale of its banking and insurance operations in El Salvador to Imperia Intercontinental.

The amount of the transaction, which is subject to approval of the regulatory authorities, has not been revealed. Imperia, which acquired Citibank in El Salvador, is the principal shareholder of Banco Cuscatlán and the SISA insurance company, both of El Salvador.

Beginning in 1997, Scotiabank has sold operations in nine Caribbean nations in return for a total of $250 million.