Scotiabank to Buy 10% of First BanCorp in Puerto Rico

Bloomberg, Sean B. Pasternak, 16 February 2007Bank of Nova Scotia, Canada's third-largest bank by assets, agreed to buy a 10 percent stake of First BanCorp for about $94.8 million to expand in Puerto Rico.Scotiabank will buy about 9.25 million shares of San Juan-based First BanCorp at $10.25 a share through a private placement, the Toronto-based bank said in a statement today. That represents