Cencosud, Scotia reach consumer loan deal

Cencosud, Scotia reach consumer loan deal

M&A

Chilean retailer Cencosud agreed to sell a 51% stake in its credit card and consumer loan business in Chile to Scotiabank for $280m, the companies said on Friday. The deal, which is subject to regulatory approval, includes a 15-year partnership to manage and grow the business. Cencosud has the option to buy back the 51% stake at the end of that period. Cencosud’s financial arm has around 2.5m credit cards and $1.2bn equivalent in outstanding balances in Chile. Scotia’s Colombian business, Banco

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