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Scotiabank to Acquire Controlling Interest in Peru-Based Banco Cencosud
Tuesday 15 May 2018

15 May 2018 - Scotiabank Peru, a subsidiary of Canada-based Scotiabank (NYSE: BNS), has reached an agreement with Cencosud Peru to acquire a 51% controlling interest in Banco Cencosud for approximately CDN 130m (USD 102m), the company said.
Under the terms of the agreement, the two companies will also enter into a 15-year partnership to manage the credit card business and provide additional products and services to customers. Scotiabank and Cencosud already have similar partnership arrangements in Chile and Colombia.
Scotiabank will become the second-largest credit card issuer in Peru following the closing of the transaction.
Cencosud is the second largest supermarket and fourth largest department store chain in Peru. Banco Cencosud has more than 315,000 active clients and approximately CDN 240m in outstanding loans in Peru.
Scotiabank (TSX: BNS) (NYSE: BNS) is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America and Asia-Pacific.
Date Published: 15/05/2018
Target: Banco Cencosud/51% stake
Country: Peru
Deal Size: 102m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Vendor: Cencosud Peru
Buyer: Scotiabank