(PRESS RELEASE) — 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.
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.