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Scotiabank acquires 51% controlling interest of Banco Cencosud in Peru

Mar 04, 2019 - Global Banking News
Mergers and Acquisitions

Scotiabank (TSX:BNS) (NYSE:BNS) revealed on Friday that after receiving regulatory approval from Peruvian authorities, it closed the acquisition of 51% of the controlling interest of Banco Cencosud in Peru.

Thereafter, Scotiabank and Banco Cencosud will jointly manage the credit card operations and offer other products and services in partnership for 15 years. With the closing of this acquisition, Scotiabank has become a large credit card issuer in Peru.

Further, both banks have simi...