Santander Bank Complete the purchase of financial crediscotia

Santander Bank and Scotiabank announced the completion of the sale process of Financial Crediscotiaafter receiving the necessary regulatory approvals of the Superintendence of Banking, Insurance and AFP (SBS) of Peru, the European Central Bank and the National Institute for the Defense of Competition and the Protection of Intellectual Property (INDECOPI), in its quality of antitrust authority in the country.

With this acquisition, Banco Santander strengthens its positioning in the Peruvian market by expanding its capacity in the Consumer Bank digital segment, which covers vehicular credits, consumption financing, credit cards, insurance and deposit collection. Currently, Santander manages assets for more than US $ 5,000 million in Peru And it has three main business lines: corporate and investment banking, consumption and microfinance financing.

“We are very satisfied with the closure of this transaction, which allows us to incorporate a leading consumer credit company, with a talented team that will allow us to expand our global digital consumer business business in Peru. With this acquisition, we can offer the Peruvian families financial solutions with the highest quality standards, both in financing and in the management of their surplus resources, ”said Juan Pedro Oechsle, Country Head of Santander in Peru:

For its part, Scotiabank indicated that the sale of Crediscotia is aligned with its global strategy to focus on key segments and strengthen their relationships with main clients.

“Peru is an important market for Scotiabank, and the closure of this transaction allows us to stay focused on our priority segments, strengthening the relationship with our clients and optimizing capital for growth and greater,” concluded Sebastian Arcuri, CEO and Country Head of Scotiabank Peru.