Scotiabank to Buy Banco del Trabajo

Bank of Nova Scotia is beefing up in Peru with the acquisition of 100% of Banco del Trabajo from Grupo Altas Cumbres. “This transaction represents a unique opportunity for Scotiabank to expand in the growing Peruvian micro-enterprise and consumer finance segments,” says Carlos Gonzalez Taboada, CEO of Scotiabank Peru. The merged entity will make Scotiabank Peru the number one bank in the Peruvian consumer finance segment and number two in micro-lending, according to Scotia. It also includes a co-branding arrangement with Jockey Plaza, the upscale mall in Peru. Established in 1994, Banco del Trabajo is the 9th largest commercial bank in Peru, with 132 points of sale and total assets of $430m at the end of 2007, representing 1% market share, says Scotia. The deal awaits regulatory approval.