Scotiabank chief executive Brian Porter told shareholders in April that the bank wants to sharpen its focus in Peru, Colombia, Mexico and Chile.
financial service arm currently has 2.5 million credit cards with more than US$1.2 billion in Chile.
to the bank, said Wendy Hannam, Scotiabank executive vice president for Latin America.
TORONTO Scotiabank (TSX:BNS) says it will acquire a 51 per cent interest in the credit card and consumer loans business of Cencosud SA, the largest retailer in Chile, in a deal valued at $300 million.
The transaction includes a 15 year partnership between Scotiabank and Cencosud.
The transaction will make Scotiabank the third largest credit card supplier in Chile, one of the countries that it has identified as an area of growth.
from a board of directors representing the two partner companies.
Chilean credit card business
Cencosud is a retail conglomerate operating in Air Max Black Woman five countries, including Argentina, Brazil, Peru and Colombia and its Nike Air Max 95 Ultra Premium Se
is excited about this acquisition because it will strengthen our credit card offerings for our customers and attract new customers Nike Air Max 72
The financial services arm of Cencosud will continue to operate as a standalone business, with oversight Air Max 17
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