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Scotiabank expanding its operations in Peru; to buy Citibank assets

Scotiabank expanding its operations in Peru; to buy Citibank assets

Posted by Juan Gavasa on December 20, 2014

Scotiabank (TSX:BNS) has a deal to acquire the retail and commercial banking operations of Citibank in Peru.

The cost of the acquisition, which is subject to regulatory approval, was not disclosed.

"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," Dieter Jentsch, Scotiabank's group head of international banking, said in a release issued Friday after markets closed.

"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."

The agreement also includes the transfer of Citibank employees from the retail and commercial banking businesses in Peru to Scotiabank Peru.

Citibank's Peruvian operation includes eight branches, which serve more than 130,000 retail and commercial banking customers.

Meanwhile, Scotiabank said an agreement was reached with American Airlines on Dec. 11 whereby Scotiabank will replace Citibank as the airline's co-branded credit card partner in Peru.

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