Scotiabank announced that it has reached an agreement to sell CrediScotia Financiera (CSF), a consumer credit subsidiary in Peru, to Grupo Unicomer, a company of Salvadoran origin, subject to compliance with certain customary closing conditions, including obtaining authorization from the Superintendency of Banking, Insurance and AFP (SBS).
“This transaction supports the bank’s strategic decision to focus on its core businesses in the countries where it has a presence,” Scotiabank details in a statement.
Grupo Unicomer, which started in El Salvador, is a retailer and provider of financial services in Latin America and the Caribbean, which manages a credit portfolio of more than US$850 million for two million clients with installment loans, credit, credit cards, as well as other financial services. The Group is present in 26 countries and operates 1,156 stores with more than 13,000 employees.
“This transaction is in line with previous announcements made about the Bank’s operations. We believe that by reinforcing our focus on growing our core business in Peru, we will have the opportunity to achieve greater scale and offer even more value to our clients. Peru continues to be a key market for Scotiabank,” said Francisco Sardón, CEO, EVP & Country Head, Scotiabank Peru.
Unicomer Group
“We are excited to enter the Peruvian market with such an important transaction. Financial inclusion plays a fundamental role in Grupo Unicomer’s vision, and with the support of a strong and talented team like CrediScotia, we will extend our vision and initiatives to continue supporting the development of the communities and clients we serve.” commented Mario Simán, President of Grupo Unicomer.
CreditScotia Financiera is a consumer credit financial company, a subsidiary of the Scotiabank Group in Peru, with more than 700,000 clients, which will now be controlled by the Unicomer Group.
GIVEN
Scotia Capital Inc. acted as financial advisor and the law firm Payet, Rey, Cauvi, Pérez Abogados as legal advisor to Scotiabank. Credit Suisse acted as financial advisor and the law firms BLP and Rodrigo, Elias & Medrano Abogados as legal advisors to Grupo Unicomer in this transaction.