TORONTO and LIMA,
March 1, 2019 /CNW/ - Scotiabank
announced today it has successfully completed the acquisition of
51% of the controlling interest of Banco Cencosud after receiving
regulatory approval from Peruvian authorities. Scotiabank and Banco
Cencosud will jointly manage the credit card operations and offer
other products and services to customers in partnership for 15
years. Scotiabank and Cencosud have similar agreements in
Chile and Colombia. With the closing of this
acquisition, Scotiabank has become Peru's second largest credit card issuer.
"Partnering with Cencosud has been a rewarding process in which
we have begun to leverage the potential of the consumer finance
business", said Miguel Uccelli, CEO
& Country Head of Scotiabank Peru." With this acquisition we
have completed one more phase in our strategy to strengthen our
consumer financing and credit card business in Peru, which aligns with our global vision to
increase scale in the countries of the Pacific Alliance;
Colombia, Chile, Mexico
and Peru", he concluded.
"Our objective is to leverage the teams from Banco Cencosud and
Scotiabank to build an improved experience for all our customers",
said Carlos Morante, CEO of Banco
Cencosud, and who will be in charge of the operation under the new
name of CAJA CAT PERÚ. "Our customers will continue to enjoy
the products they have with us, under the same conditions, but with
greater support. We will continue operating separately, taking into
account the special features of each business and we will continue
to work with our current team of employees", he said. Morante
indicated that no customer has to change their credit cards or
other products, "Everything remains the same", he concluded.
Cencosud Peru owns the second-largest supermarket and the
fourth-largest department store chain in the country. Cencosud has
operated in Peru since 2007
through the Wong supermarket brand Metro supermarket and
Paris department stores. It is
also the owner of various shopping malls.
About Scotiabank
Scotiabank is Canada's
international bank and a leading financial services provider in the
Americas. We are dedicated to helping our more than 25 million
customers become better off through a broad range of advice,
products and services, including personal and commercial banking,
wealth management and private banking, corporate and investment
banking, and capital markets. With a team of more than 98,000
employees1 and assets of over $1
trillion (as at January 31,
2019), Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
1Employees are reported on a full-time equivalent
basis.
SOURCE Scotiabank