Scotiabank’s subsidiary in Peru has acquired the retail and commercial banking operations of Citibank in Peru.
The acquisition involves taking over Citibank’s Peruvian operation which has eight branches and serve over 130,000 retail and commercial banking customers.
Scotiabank group head of international banking Dieter Jentsch said: "This acquisition aligns with our strategy of increasing market share in credit cards and personal loans while deepening our relationships with customers in Peru. This transaction is consistent with the Bank’s focus on increasing scale in Peru, Mexico, Colombia and Chile."
Citi head of Peru Julio Figueroa said: "Citi has been committed to Peru since 1920 and we will continue investing and growing our Corporate and Institutional Business in Peru."