Canadian lender Scotiabank is set to acquire the retail and commercial banking operations of Citibank in Peru.
Under the deal, Citibank employees from the concerned business in Peru will be moved to Scotiabank Peru.
Dieter Jentsch, group head of international banking at Scotiabank, said, "We’re excited about this acquisition because it will allow us to deepen existing customer relationships, serve new customers and increase our market share in credit cards and personal loans in Peru. This acquisition is in line with our strategy to increase our scale within the Peruvian banking sector, as well as the other Pacific Alliance economies of Mexico, Colombia and Chile."
Both the lenders have said that the deal will not be material to financial results.
Citibank Peru, which operates with eight branches catering to over 130,000 retail and commercial banking customers, will continue to retain its corporate and institutional banking business, and international private bank services in the country after the deal.