The Scotiabank Group’s consumer credit subsidiary in Peru with more than 550,000 clients, CrediScotia Financiera, would be part of Banco Santander by the end of 2024, after meeting closing conditions.
This transaction, aligned with Scotiabank’s strategy to strengthen the relationship with its primary clients, It would then be concluded to obtain authorization from the Superintendency of Banking, Insurance and AFP (SBS), the European Central Bank and the National Institute for the Defense of Competition and the Protection of Intellectual Property (Indecopi).
“Peru is an important market for Scotiabank and this transaction, aligned with our global strategy, allows us to focus on expanding our offer to priority segments in the country. We are committed to Peru and our clients. We will continue investing to seek primacy, optimizing the capital to obtain greater growth and profitability,” said Phil Seymour, acting CEO and country head of Scotiabank Peru.
For Banco Santander, which manages assets worth more than US$5 billion in Peru, This acquisition will complement Digital Consumer Bank’s global business modelwhich covers automobile financing, consumer financing and deposit taking, among other services.
Source: Larepublica
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