Scotiabank buying 51% of Chilean credit card business for $278M

|By:, SA News Editor

Scotiabank (BNS) is buying a 51% stake in Chilean retailer Cencosud's financial services unit for C$300M ($278M).

The business handles 2.5M credit cards and over $1.2B in outstanding balances; its acquisition will make Scotiabank the #3 credit card provider in Chile.

As part of the deal, Scotiabank and Cencosud are entering into a 15-year partnership to "manage the credit card business and provide additional products and services to customers of both organizations."

Scotiabank already has ~3.8K employees, 130 branches, and 166 ABMs in Chile. EVP Wendy Hannam calls the purchase "consistent with [Scotiabank's] focus on growing in key markets in Latin America."