February 11, 2019 |
Scotiabank said it has sold its banking and insurance businesses in El Salvador to Imperia, the main shareholder in Banco Cuscatlán and SISA Seguros.
"The decision is driven by the bank's strategy to focus on key markets which can generate greater scale for Scotiabank," the Canadian lender said in a press release.
Scotiabank said it will be stuck with a net of loss of roughly $170m from its businesses in El Salvador after the sale.
Scotiabank left nine Caribbean markets and sold its insurance
Canadian lender say it is stuck with a $170m net loss after the sale