Scotiabank to Acquire Uruguay’s Nuevo Banco Comercial, Pronto

http://www.bloomberg.com/news/2010-12-06/scotiabank-agrees-to-buy-nuevo-banco-commercial-and-pronto-in-uruguay.html


Scotiabank to Acquire Uruguay’s Nuevo Banco Comercial, Pronto
By Sean B. Pasternak - Dec 6, 2010 7:06 PM GMT-0300

Bank of Nova Scotia, Canada’s third- largest bank, agreed to buy Nuevo Banco Comercial and consumer- finance company Pronto! to become the first Canadian bank with a branch network in Uruguay.

Nuevo Banco has 49 outlets in Uruguay and about C$1.2 billion ($1.19 billion) in deposits, Toronto-based Scotiabank said today in a statement. The price for the 100 percent stake wasn’t disclosed.

Scotiabank Chief Executive Officer Richard Waugh has spent about $2 billion on acquisitions since 2007 at the international banking unit, which accounted for about a third of profit in the year ended Oct. 31. The lender has operations in about 50 countries, including Peru, Chile and Mexico.

The purchases are “consistent with its international acquisitions strategy of building out its Latam banking network through small, accretive acquisitions,” Morgan Stanley analyst Cheryl Pate said today in a note.

Nuevo Banco Comercial has an 11 percent share of Uruguay’s loans and deposits market, ranking fourth among private banks. The purchase will add to Scotiabank’s earnings in the first year, the lender said.

“It provides a natural extension of our operations that we have in Latin America,” said Dieter Jentsch, Scotiabank’s executive vice president of Latin America. “Uruguay continues to impress us with its political stability and its economic fortunes.”

Consumer Finance

Competitors in the market include Spanish lenders Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, and London- based HSBC Holdings Plc, Jentsch said today in a telephone interview. Nuevo Banco offers consumer finance lending, providing small loans to clients who don’t have a banking history.

Scotiabank will use the purchases to expand credit-card accounts, commercial lending and infrastructure financing, Jentsch said.

Scotiabank is buying the Uruguayan lender from a group led by Boston-based private equity firm Advent International Corp. Advent bought Nuevo Banco in 2006 for $167 million, the company said on its website.

Pronto! has 37 branches and 200,000 clients in the South American country of 3.4 million people, Bank of Nova Scotia said. The two organizations have about 700 employees, Jentsch said.

Bank of Nova Scotia rose 49 cents to a record high C$56.12 in 4:21 p.m. trading on the Toronto Stock Exchange.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanla

http://www.think-aboutit.com/conspiracy/rockefeller_links_of_canadian_po.htm

The Rockefeller links of Canadian politicians...

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It may re-pay the reader to spend a few minutes tracing the connections of Paul Desmarais and Power Corp. to the leading politicians, etc. of Canada:

• JOHN RAE: leading strategist for Prime Minister Chretien's election campaign. Was Executive Vice- President of Power Corp. and Paul Desmarais' right- hand man. His brother is....
• BOB RAE: Rhodes Scholar and ex-NDP [Socialist] Premier of Ontario, who appointed....
• MAURICE STRONG to the chairmanship of Ontario Hydro, which he proceeded to dramatically cut in both skilled human resources and generating capacity [to provide a future need for power from James Bay/Grand Canal?]
• PAUL MARTIN: current federal Finance Minister. Rose through the ranks at Power Corp., mentored by Paul Desmarais. Bought Canada Steamship Lines from him. Ran against Chretien for Liberal Party leadership. He attended the 1996 meeting of the Bilderberg Group, where those he mingled with included - surprise! - David Rockefeller.
• JEAN CHRETIEN: Prime Minister. Daughter, France, is married to Andre Desmarais, son of Paul Desmarais, chairman of Power Corporation. Chretien's "advisor, counsellor and strategist" for the past 30 years has been MITCHELL SHARP, who brought Chretien into politics when he was Finance Minister. Sharp has been, since 1981, Vice-Chairman for North America of David Rockefeller's TRILATERAL COMMISSION. Chretien attended the 1996 meeting of the Bilderberg Group.
• DANIEL JOHNSON: present Liberal [and Opposition] leader in Quebec. Rose through the ranks of Power Corp.
• BRIAN MULRONEY: ex-Conservative Prime Minister. Now a lawyer and lobbyist for Power Corporation which, together with Ontario Hydro and Hydro Quebec, has just formed the Hong Kong-based ASIA POWER CORP., to help China to develop its energy potential. Power Corp.'s legal interests in Asia will be handled by a Hong Kong branch of Mulroney's Montreal law firm, Olgilvy, Renault. He is also a well-remunerated member of the board of Archer-Daniels-Midland, a Rockefeller-owned conglomerate, which is headed by Dwayne Andreas who, like Rockefeller himself, is also a member of the elite and secretive Bilderberg Group.
• Mike Harris, Premier of Ontario, who headed off for a fishing weekend at a remote Northern camp with George Bush and Paul Martin soon after his election. Harris, like his colleague Ralph Klein, Premier of Alberta, is also a Bilderberger.

So...we have the CONSERVATIVE party [via Mulroney], the LIBERAL party [via Chretien], and the NDP [via Rae] all tightly connected to....Paul Desmarais and Power Corp.
And we have the Prime Minister, the Finance Minister, and the Prime Minister's key aide all tightly connected to....Paul Desmarais and Power Corp.
Mel Hurtig wrote, in THE BETRAYAL OF CANADA:

"Since Brian Mulroney became Prime Minister, Big Business has had effective control of the political and economic agenda, and hence the social and cultural agenda as well. Paul Desmarais provided much of the money for Pierre Trudeau's campaign, Brian Mulroney's campaign, and Jean Chretien's campaign." [p.188]

Maurice Strong has now joined Brian Mulroney and Paul Desmarais in investing the Asia Power Group's $100 million venture capital in "small coal-fired power plants being built in the south of China". They are also looking at "larger projects in northern China, as well as in Malaysia, the Philippines and India." The Asian economies are expected to spend $1 trillion [US] on essential infrastructure, of which an estimated $400 billion [US] will be on power generation. Chinese and Asian labour costs are low - as low, in China, as $45 per month - and potential profits are high.
The Nov/Dec. 1993 issue of David Rockefeller's Council on Foreign Relations' publication FOREIGN RELATIONS contains an article, THE RISE OF CHINA, in which we are warned that China will begin to use more energy than the United States within a few decades, massively straining the world's energy supplies. Most of China's energy comes from the burning of soft, high-sulphur, highly- polluting coal. In 1991 alone, 11 trillion cubic meters of waste gases and sixteen million tons of soot were emitted into the atmosphere over China - and it has only just begun its long process of increased energy generation!
The suphur in this coal causes acid rain. The burning of the coal releases carbon dioxide into the atmosphere, the most efficient "greenhouse gas" in the global warming process.
The warmer the climate becomes, the greater the need for fresh water in Mexico and the southern United States - and the more urgent the need for a GRAND Canal project to get it there. An astute businessman could, if he were so inclined, potentially make astronomical profits off both ends of this process!
Oh, and Paul Desmarais?
In September, 1993, he joined David Rockefeller's Trilateral Commission.
He won't feel out-of-place there, though. Other prominent Canadian members include Gerald Bouey [former Governor of the Bank of Canada]; Conrad Black, newspaper magnate and chairman of Argus; John Allen, CEO of Stelco; Raymond Cyr, President of Bell Canada Enterprises; Peter Dobell, of Foreign Affairs and Foreign Trade, in Ottawa; Marie-Jose Druin, Hudson Institute of Canada; Claude Edwards, Public Staff Relations Board in Ottawa; Allan Gottlieb, former Canadian Ambassador to the U.S.; David Henniger, Regional Director of Burns, Fry; Senator Duff Roblin; Ron Sutherland, CEO of ATCO Ltd., William Turner, of Montreal's PCC Industrial Corporation; and J.H. Warren, former Canadian Ambassador to the U.S.
[And, of course, Quebec Premier Jacques Parizeau was also in the habit of frequently briefing meetings of David Rockefeller's Council on Foreign Relations in Washington; and Lucien Bouchard, separatist PQ leader, was brought into politics by Brian Mulroney, whose last act in Ottawa was to host a black-tie dinner for 200 members of Rockefeller's Council of the Americas, who flew up on Rockefeller's private jet to celebrate the successful negotiation of NAFTA - another Rockefeller innovation]

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