TORONTO — Scotiabank continues to expand its footprint in Latin America, with a plan to acquire a 51 per cent controlling interest Peru’s Banco Cencosud for approximately $130 million.<\/p>\n
The agreement, which is subject to regulatory approval, will make Scotiabank the second-largest credit card issuer in the South American country.<\/p>\n
The deal will see the two companies enter into a 15-year partnership to manage the credit card business and “provide additional products and services to customers,” according to a Scotiabank statement.<\/p>\n
The company says Cencosud is the second largest supermarket and fourth largest department store chain in Peru, and its banking branch has more than 315,000 clients.<\/p>\n
Scotiabank first established a presence in Peru in 1997, and it now has more than 10,000 employees across 310 branches in the country.<\/p>\n
The company operates in 11 countries across Latin America, with a particular focus on Mexico, Peru, Chile and Colombia.<\/p>\n
In January, the lender announced a deal to buy Citibank’s consumer and small and medium enterprise operations in Colombia for an undisclosed amount.<\/p>\n
In December, Scotiabank said it had secured a deal to buy a 68 per cent stake in a Chilean banking operation, BBVA Chile, for $2.9 billion.<\/p>\n
Companies in this story: (TSX:BNS)<\/p>\n","protected":false},"excerpt":{"rendered":"
TORONTO — Scotiabank continues to expand its footprint in Latin America, with a plan to acquire a 51 per cent controlling interest Peru’s Banco Cencosud for approximately $130 million. The agreement, which is subject to regulatory approval, will make Scotiabank the second-largest credit card issuer in the South American country. The deal will see the […]<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8809"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=8809"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8809\/revisions"}],"predecessor-version":[{"id":8810,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/8809\/revisions\/8810"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=8809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=8809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=8809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}