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

ROBERT MILTON AND MATIAS CAMPIANI CORPORATIVE LOOTING UNCOVERED

ROBERT MILTON AND MATIAS CAMPIANI HAVE MUCH BAGAGGE
WHILE WAGE AND PENSION CONCESSIONS,  WHAT COMES NEXT?

       CERBERUS LLC

                               
 



                                               




ROBERT MILTON AND MATIAS CAMPIANI HAVE MUCH BAGAGGE?

Robert Milton of Air Canada or save it is flying to the floor?

Matias Campiani saves Pluna or flies to the floor?

The same strategy used by Robert Milton's Air Canada is used by Matias Campiani on Pluna, the parallel companies are being used for their own benefit while wage, pension concessions and subsidies are given by Canadian state.
 Air Canada Jazz is the second aviation company in Canada and depends on Air Canada by 100% as a feeder, contracts are always favorable to Air Canada Jazz, Air Canada executives and their front men hide their shares in parallel companies, other examples are Aveos, Aeroplan, Aeroman as a drain on the Canadian flag company.
Leadgate group linked to ACE Aviation Holdings in many ways is the parent company of Air Canada and applies the same methods, using Aerovip to drain Pluna.
Just by comparing their domains.com we can discover this coroporative links between Pluna and ACE,
www.flypluna.com  /www.flyjazz.com ---www.plunavacation.com / aircanadavacations.com
Also Francisco Alvarez Demalde the brother of Pluna Leadgate´vicepresident capitalized Pluna and also ACTS, now AVEOS, one of the parallel mentioned companies opened by ACE.
Aerovip operates Pluna´s planes which are guaranteed by the Uruguayan state and provides
services to Pluna in the same way as Air Jazz Canada does to Air Canada in contracts far above the market.
After these findings there´s no surprise that Air Canada Jazz is the only company interested in investing a red balanced Pluna, when the game of high finance is to hide the money, the problem emerges later, when Air Canada Canadian workers  loose firstly their benefits as the Canadian state fills Air Canada black hole ending  so far away as the bankrupted low cost, security, salary Uruguayan company and Mr. Campiani and associates pockets.
Leadgate bought Pluna in 15 million dollars obtained with the comission of aircrafts bought to Bombardier, in 2008 Leadgate lost 27 million and 22 in 2009, so paying 15 million dollars for 25% shares, the same payed by Leadgate for the 100% seems a big bubble business.
Also these looting methods were used in Southern Winds the Cordoba Argentinian narco airline related to Leadgate, Bombardier and the laundred money of Yabran´s Argentinian Mafia through Bunge & Born´s Holdings like Advent International and Exxel Group, Aerolineas Argentinas payed them high fixed contracts beyond the number of passengers transported.


http://www.theglobeandmail.com/report-on-business/rob-magazine/robert-milton-has-a-lot-of-baggage/article1154017/

http://www.socialistvoice.ca/?p=435


But as of June 2009 Globe and Mail Business Report magazine reported, the source of the bonanza of the investors was a combination of financial chicanery and the top of the profitable divisions separate corporate entities. These include regional carrier Air Canada Jazz, Aeroplan rewards program, and the Aveo above.

In total, the former "Air Canada" has been plundered of its divisions for profit. What remains is a large fleet of domestic and international air routes in the face of stiff competition.

"She was raped by Cerberus," said Ben Cherniavsky, airline analyst report on business, referring to Cerberus Capital Management, New York "equity" firm that became one of the largest shareholders after Air Canada plane emerged from bankruptcy. "Good cash flow business were taken away from him."

There are striking similarities in all of this to the fate of Chrysler, General Motors and other companies recently in bankruptcy.

As with autoworkers, unions in the airline and aerospace workers need a political agenda and course of action to end the looting of corporate social wealth and place vital services such as transport property governance and planning. One of the urgent goals of economic planning must be a radical change in urban design and transport modes in order to stop the environmental destruction that accompanies the irresponsible proliferation of fossil fuel burning cars and airplanes. The voting membership of the IAM in the Air Canada and questions over the fate of the airline opens up more space for that debate.


About Cerberus, Brian Mulroney and Bush

http://www.scoreboard-canada.com/babylon-cerberus-mulroney.htm

JOE RANDELL AIR JAZZ LOOTING

JOSEPH RANDELL HAS TOO MUCH BAGGAGE ALSO?

                                    M.C:  Thanks for this 15 million Gift Mr.Randell

                                    J.R :   Thank you for my shares in Aerovip







 AIR JAZZ ANALYST AND SHAREHOLDERS CONFERENCE

http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3045020

--------------------------------------------------------------------------------
Cameron Dorkson:Can your tell us Pluna´s financial
                             situation, is it profitable?

Joe Randell: ahhh, mmmm, that´s something we are not able
                    to do because Pluna is a private company and
                    as such does not make it´s numbers available.

Cameron:     Ok, is it profitable, you can even tell us that?

Joe Randell: ahh, it´s ahhh, it´s, looking to be and you know...
                   should have a positive impact on, on Jazz.

 -------------------------------------------------------------------------------------------------------



Come on Mr. Randell, all Uruguay knows  that Leadgate
investment administration lost more than 50 million dollars
from it´s begining in 2007, after investing just 15 million from
the Bombardier planes sale commission, guaranteed by Uruguayan
government.
Expectations for business are not the best for the incoming Aerolineas
Argentinas flight regional expansion in Aeroparque and the new
Uruguayab BQB Airlines.

After all seems like Mr. Randell got a special personal reward for
 investing in Pluna, maybe some shares in Aerovip, the parallel
company opened by Leadgate  in Argentina forlooting Pluna.
Thanks anyway Mr. Randell for financing Pluna workers trials
for more than 30 million dollar, always sorry for air Canada
workers that will have to continue giving cocessions.

related topics:

http://www.plunaleadgate.blogspot.com/

ROBERT MILTON AND AIR CANADA FLIGHT ATTENDANTS

 http://cupe.ca/airlines/Support-our-flight-a

MILLIONAIRE LOOTER ROBERT MILTON AND FLIGHT ATTENDANTS PAYCUTS

Support Air Canada flight attendants

 

             

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Sep 2, 2008 09:54 AM CUPE flight attendants are fighting for their jobs as Air Canada plans to slash 300 jobs in Vancouver, 187 in Halifax and 144 in Winnipeg. Flight attendants bases in Halifax and Winnipeg would be closed.
These cuts are expected to have a huge impact on passengers, employees, their families and ultimately on their communities. The decision to make these cuts was based on a viability study that Air Canada has refused to share with CUPE.
"Four years ago, flight attendants took a 13.5% pay cut to protect Air Canada's viability," said CUPE National President Paul Moist. "While last year, Robert Milton, President and CEO of ACE Aviation, earned a $1.2 million salary, a $3.9 million bonus plus $11.2 million in stock option gains from Air Canada. Those same members are being rewarded now by losing their jobs."
Air Canada's plan would be applied on November 1st. In the meantime, CUPE is taking every step possible to cancel lay-offs and closures.
How you can help:

• Sign the petition to Minister of Transportation, Infrastructure and Communities Lawrence Cannon, asking that he ensures Air Canada suspends its plan, until legislative amendments are adopted to protect air service.
• Send a letter to your MP, who can encourage Montie Brewer, Air Canada President and CEO, to re-consider the decision; MPs can also contact Minister Cannon.

Last month, rallies were held across the country in support of our flight attendants. Elected officials from every level of government attended these rallies, and thousands of people participated in a CUPE online action.