Scotiabank has agreed to sell its consumer credit subsidiary, CrediScotia Financiera, to Banco Santander, enabling Santander to enhance its digital banking model in Peru.

Target Company Information

Scotiabank has announced an agreement to sell CrediScotia Financiera, its consumer credit subsidiary in Peru, to Banco Santander. This transaction is subject to standard closing conditions, including the approval of the Superintendencia de Banca, Seguros y AFP (SBS), the European Central Bank, and the Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual (Indecopi). The deal is expected to be finalized by the end of 2024.

CrediScotia Financiera operates as Scotiabank’s consumer credit subsidiary in Peru, serving over 550,000 customers. The company provides a variety of financial products, including personal loans, credit cards, savings accounts, term deposits, insurance, and more. The transaction aligns with Scotiabank's strategy to strengthen its relationship with primary customers while delivering a consistent and standardized value proposition across its markets.

Industry Overview in Peru

The Peruvian financial services industry has been experiencing significant growth in recent years, driven by increasing consumer demand for various financial products and services.