Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

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.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates