Scotiabank, the third largest lender in Canada by assets, has completed the acquisition of Mexico based Crédito Familiar, having received all the necessary approvals.

The terms of the transaction were not disclosed by Scotiabank.

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Crédito Familiar has 246 branches across Mexico.

Wendy Hannam, Scotiabank’s excutive vice president of sales and service and products and marketing for international banking said:

"A key element of Scotiabank’s international growth strategy is to expand our presence in underserved markets where we currently operate and Crédito Familiar offers us that opportunity in Mexico."

Troy Wright, president and CEO of Grupo Financiero Scotiabank Mexico, said: "The acquisition of Crédito Familiar will support Scotiabank’s continued focus on growth in Mexico by giving us significant scale and presence in a market where we see real potential for growth."

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Earlier in 2012, Scotiabank finalised a deal with Dutch bank ING to buy ING Direct Canada for $3.1bn.