Terms of the agreement with an investor group led by global private equity firm Advent International were not disclosed. Both transactions are subject to regulatory approval.

Scotiabank will be the first Canadian bank with a retail network in Uruguay, the bank said. Uruguay was one of few countries in the region to demonstrate GDP growth during the 2009 crisis, according to Scotiabank.

"Scotiabank has ambitious plans for the Uruguay market and that is what makes this an exciting opportunity for our customers," Brian Porter, Scotiabank Group Head, International Banking said in a statement. "Our introduction to the Uruguay market will enhance an already unique Latin American footprint."

Scotiabank's Latin American footprint also includes operations in Peru, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Mexico, Panama, Puerto Rico and Venezuela.

The acquisitions come on the heels of the Canadian bank agreeing to make an offer for all of the common shares of DundeeWealth that is doesn’t already own of the investment manager in a C$2.3 billion deal.

Earlier this year BNP Paribas agreed to sell its wealth management operations in the Bahamas, Grand Cayman and Panama to Scotiabank, this publication reported.

As part of expansion plans the Toronto-based bank carved out a Global Wealth Management division in September.