Tuesday, September 30th11.5°C
22738

Scotiabank to pay $300M for 51% stake in Cencosud's Chilean credit card business

TORONTO - Scotiabank (TSX:BNS) says it will acquire a 51 per cent interest in the credit card and consumer loans business of Cencosud SA, the largest retailer in Chile, in a deal valued at $300 million.

The transaction includes a 15-year partnership between Scotiabank and Cencosud.

The financial services arm of Cencosud will continue to operate as a standalone business, with oversight from a board of directors representing the two partner companies.

The transaction will make Scotiabank the third-largest credit card supplier in Chile, one of the countries that it has identified as an area of growth.

Scotiabank chief executive Brian Porter told shareholders in April that the bank wants to sharpen its focus in Peru, Colombia, Mexico and Chile.

Cencosud is a retail conglomerate operating in five countries, including Argentina, Brazil, Peru and Colombia and its financial service arm currently has 2.5 million credit cards with more than US$1.2 billion in Chile.

"Scotiabank is excited about this acquisition because it will strengthen our credit card offerings for our customers and attract new customers to the bank," said Wendy Hannam, Scotiabank's executive vice-president for Latin America.

The Canadian Press


Read more Business News

23124


Recent Trending




Today's Market
S&P TSX14917.44-59.479
S&P CDNX912.35-0.41
DJIA17037.23-33.99
Nasdaq4487.799-18.054
S&P 5001972.14-5.66
CDN Dollar0.8946-0.0012
Gold1214.70-4.1001
Oil92.95+0.17
Lumber334.30+5.40
Natural Gas4.166+0.012

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.23+0.01
Cantex0.07-0.02
Anavex Life Sciences0.1850.00
Metalex Ventures0.0550.00
Russel Metals34.57+0.08
Copper Mountain Mining2.48-0.04
Colorado Resources0.150.00
ReliaBrand Inc0.020.00
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.34-0.02

 





FEATURED Property
2089611995 Graf Rd
4 bedrooms 2 baths
$439,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_





23499


Member of BC Press Council


22620