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Scotiabank Closes Deal to Acquire Citibank's Retail and Commercial Banking Operations in Peru
TORONTO, ON and NEW YORK, NY--(Marketwired - May 01, 2015) - Scotiabank announced today that its subsidiary in Peru has acquired the retail and commercial banking operations of Citibank in Peru. The transaction is not material to Scotiabank and its common equity tier one capital ratio will be impacted by less than 10 basis points.
"This acquisition aligns with our strategy of increasing market share in credit cards and personal loans while deepening our relationships with customers in Peru," said Dieter Jentsch, Group Head of International Banking, Scotiabank. "This transaction is consistent with the Bank's focus on increasing scale in Peru, Mexico, Colombia and Chile."
Citibank's Peruvian operation includes eight branches which serve more than 130,000 retail and commercial banking customers.
"We believe that this transaction is the best option for our Consumer clients, shareholders and employees, and positions us to focus on our Corporate and Institutional clients, offering best in class services through our unique global footprint," said Julio Figueroa, Citi's Head of Peru. "Citi has been committed to Peru since 1920 and we will continue investing and growing our Corporate and Institutional Business in Peru."
Over the coming months, Scotiabank and Citibank will work together to ensure a smooth transition for customers and employees.
In December 2014, an agreement was reached with American Airlines whereby Scotiabank will replace Citibank as American Airlines' co-branded credit card partner in Peru and provide continuity for current Citi / AAdvantage® cardholders. These cards are still being issued and all cardholders will continue to earn AAdvantage® miles while the Scotiabank brand is completely and seamlessly phased in over the next few months.
About Scotiabank in Peru and Latin America
Scotiabank entered Peru in 1997 and serves more than 1.3 million retail, corporate, commercial, and institutional customers.
Scotiabank in Peru has since grown to an operation with USD $15.5 billion in assets, 306 branches, 865 ABMs and more than 5,900 agency banking access points across the country.
Through its subsidiary, CrediScotia, Scotiabank serves Consumer Finance and Micro Finance customers.
Through its pension fund management company Profuturo AFP, Scotiabank serves more than 1.8 million customers and has approximately USD $10.2 billion in Assets Under Management.
Scotiabank operates in 11 countries across Latin America, with a primary focus on the Pacific Alliance countries of Peru, Mexico, Chile and Colombia.
About Scotiabank
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of CAD $852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (BNS.TO) and New York Exchanges (BNS.TO). Scotiabank distributes the Bank's media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
