Scotiabank, Canada's third-largest bank, said on Wednesday it has completed the takeover of Paris-based BNP's wealth management business in Panama and the Cayman Islands. It also disclosed that in early August it acquired a portion of BNP's wealth management operation in the Bahamas.

Scotiabank said the deals were not financially material, and it did not disclose prices paid.

Last month, the bank reorganized its corporate structure, separating its wealth management business into its own unit to help foster growth.

"This transaction is an excellent example of the strategic opportunities we will pursue through our new global wealth management division," Chris Hodgson, head of the division, said in a statement.

Scotiabank has a big presence in Latin America, and has been active in the Bahamas and the Cayman Islands since the 1960s.

Scotiabank has also been pushing to expand its wholesale banking presence in Latin America and Asia.