Scotiabank buys Intesa Sanpaolo stake in Peru bank

TORONTO, May 13 (Reuters) - Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) is buying Intesa Sanpaolo SpA's (ISP.MI: Quote, Profile, Research, Stock Buzz) shares in Scotiabank Peru, which will increase the Canadian bank's stake to nearly 100 percent, it said on Tuesday.

Scotiabank said its stake in Scotiabank Peru will rise to 98 percent from 78 percent as a result of the purchase from Intesa Sanpaolo, Italy's biggest retail bank. No financial terms were disclosed.

In December 2005, Scotiabank announced its purchase of Banco Wiese Sudameris and Banco Sudamericano, which were combined to form Scotiabank Peru, the country's third largest bank. (Reporting by Wojtek Dabrowski; editing by Rob Wilson)