Scotiabank announces sale of CrediScotia Financiera to Banco Santander

Scotiabank announced on Monday that it had reached an agreement for the sale of CrediScotia Financiera, its consumer credit subsidiary in Peru, to Banco Santander (Spain).

The process is subject to compliance with certain usual closing conditions, such as the authorization of the Superintendence of Banking, Insurance and AFP (SBS), the European Central Bank and the National Institute for the Defense of Competition and the Protection of Property Intellectual (Indecopi). The operation is expected to be completed by the end of 2024.

CrediScotia Financiera is the consumer credit subsidiary of the Scotiabank Group in Peru. It serves more than 550,000 clients to whom it offers personal loans, credit cards, savings accounts, time deposits, insurance and other financial products.

The transaction is aligned with Scotiabank’s strategy which consists of strengthening the relationship with primary clients and focusing on offering a consistent and standardized value proposition in all its markets.

In the case of Banco Santander, this acquisition will complement the entity’s global Digital Consumer Bank business model, which includes automobile financing, consumer financing and deposit-taking, as well as expanding the range of products and services offered by the bank. bank in Peru.

“Peru is an important market for Scotiabank and this transaction, aligned with our global strategy, allows us to focus on expanding our offering to priority segments in the country. We are committed to Peru and our clients. “We will continue investing to seek dominance, optimizing capital to obtain greater growth and profitability,” he indicated. Phil SeymourActing CEO and Country Head of Scotiabank Perú.”

Juan Pedro Oechsle, Country Head of Santander in Peru, commented: “We are delighted to acquire a leading company in consumer credit financing, which will allow us to develop the global business model of Digital Consumer Bank in Peru and serve our customers with the highest quality standards. Peruvian families in their financing and investment needs of their surplus resources.”

Santander manages assets worth more than US$5 billion in Peru with three key business lines: corporate and investment banking, consumer financing and microfinance.