The transfer of Citibank branches, customers and employees in Peru to Scotiabank began yesterday and will be completed in August.
Last December Scotiabank paid $295 million for Citibank’s personal and commercial banking assets in Peru, which include 130,000 customers and eight branches in Lima, Arequipa and Trujillo. Citibank customers will continue to use the same bank branches staffed by the same employees, but under the Scotiabank brand.
Scotiabank Peru CEO Miguel Uccelli said Peru is an important country for Scotiabank and that, starting in August, their customers will benefit from more branches and ATMs.
“This acquisition is in line with our strategy of boosting market share in credit cards and personal loans as well as deepening our relationship with customers in Peru,” said Scotiabank’s international banking director Dieter Jentsch. “This transaction is in line with the bank’s focus of scaling up in Peru, Mexico, Colombia and Chile.”
“The agreement with Scotiabank is part of our recent global strategy to restructure our presence in consumer banking,” Citibank Peru chief Julio Figueroa told El Comercio. “Citi has been committed to Peru since 1920 and we are going to continue investing and growing through our corporate and institutional banking business.”
Scotiabank has over 1.3 million customers in its personal, commercial and corporate banking businesses. The bank manages $15.5 billion in assets, 306 branches, 865 ATMs and over 5,900 bankers in Peru. Scotiabank subsidiary CrediScotia counts over 1.4 million clients in its consumer loans and microfinance businesses. Scotiabank pension fund Profuturo AFP manages $10.2 billion in assets for 1.8 million customers. Scotiabank operates in 11 Latin American countries.