March 5, 2019 |
Canada's Scotiabank said it has concluded the acqusitions of Banco Cencosud in Peru and Banco Dominicano del Progreso in the Dominican Republic.
Scotiabank agreed to spend CAD130m ($97.7m) for 51% of Cencosud in May last year. It also signed on to manage credit card operations with Cencosud in Peru for 15 years.
The Canadian lender, which has similar arrangement with Cencosud in Chile and Colombia, becomes the second largest credit card issuer in Peru.
The acquisition forms part of the bank'
Canadian lender becomes the second largest credit card issuer in Peru and the forth largest bank in the DR