INDECOPI authorizes Banco Santander the purchase of 100% Crediscotia

The National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI) gave the green light to Banco Santander for the buys 100% of the representative shares of the share capital of Financial Crediscotiasubsidiary of consumer loans of the Scotiabank group in Peru.

With this approval, the necessary regulatory authorizations for the operation are completed, however Scotiabank It specifies that the closure of the transaction will be communicated in a timely manner.

Remember that the process of purchasing Crediscotia Banco Santander began in May 2024, when Scotiabank announced his intention to sell his subsidiary as part of his business optimization strategy.

In December 2024, the Superintendence of Banking, Insurance and AFP (SBS) granted authorization for the buysthat they raided the way for Santander advance in transaction. However, the approval of INDECOPI was still missing, which ends up being known.

Santander and Scotiabank: Expansion spotlights

Crediscotia currently serves more than 550,000 customers with products such as Personal loans, credit cardssavings and insurance accounts. Now it will become part of the Santander portfolio, an entity that manages assets for more than US $ 5,000 million in Peru.

In addition, the SBS has granted Santander A temporary exception of 180 days to be a majority shareholder of two financial companies in the country: financial and crediscotia. During this period, the bank must execute the Crediscotia conversion into a bank, complying with local regulations and ensuring the integration of its operations.

For Scotiabankthis transaction means an opportunity to focus on segments such as business banks and heritage management. For its part, Santander seeks to strengthen its position in consumption financing, a key sector in its expansion strategy in Latin America.