Scotiabank to Buy Peru’s Banco del Trabajo

Scotiabank said Friday it agreed to acquire 100% of Banco del Trabajo for an undisclosed amount. The Canadian bank and Chilean holding company Grupos Altas Cumbres, which controls the bank, announced the agreement that gives Scotia the option to buy 100% of the shares until February, according to local press reports. Banco del Trabajo is Peru’s ninth largest commercial bank and provides SME and consumer lending, as well as financial brokerage services. Scotia’s last major investment in Peru was a $330m purchase of Banco Wiese Sudameris.