Scotiabank Takes Control Of Sudamericano

Canadian Scotiabank yesterday, Thursday, completed its acquisition of Peruvian bank Sudamericano when it bought 65% of Sudamericano’s shares for $62.4 million in a block trade on the local stock exchange to give it 100% control of the institution. It also got the nod from Peruvian regulators to take over the country’s third-largest bank, Banco Wiese Sudameris, from Italy’s Banca Intesa for $265 million. Scotiabank plans a merger to create a new bank with 80% held by the Canadian bank and the remaining 20% by Banca Intesa.