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Bank of Nova Scotia acquires 51pct of Cencosud S.A.'s financial services business in chile and enters into partnership arrangement

Friday, 20 Jun 2014 05:25pm EDT 

Bank of Nova Scotia:Acquires 51 pct controlling interest in financial services business of Cencosud S.A., which distributes credit cards and consumer loans in Chile.Concurrently, Scotiabank and Cencosud also enters into 15-year partnership arrangement to manage credit card business and provide additional products and services to customers of both organizations.Transaction, pending regulatory approval by the Superintendencia de Bancos e Instituciones Financieras in Chile and the Office of Superintendent of Financial Institutions in Canada, is valued at about C$300 mln and includes commitment to fund 100 pct of the loan portfolio. 

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0.45 +0.68%
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