Banco Wiese-Banco Sudamericano Merger Approved

Peru’s banking regulator (SBS) has approved the merger of Banco Wiese and Banco Sudamericano. In March, Canadian bank Scotiabank bought control of Banco Sudamericano for $62.4 million and merged it with Banco Wiese, which it had purchased the year before for $265 million. Scotiabank will hold 80% of the new entity.