Banking Concentration Authorized in El Salvador

The Superintendence of Competition authorized the merger request submitted in 2019 by the conglomerates Inversiones Financieras Imperia Cuscatlán and The Bank of Nova Scotia.

Wednesday, January 29, 2020

In February 2019, Scotiabank reported that it had reached an agreement to sell its banking and insurance operations in El Salvador, including Scotiabank El Salvador, its subsidiaries and Scotia Seguros, to Imperia Intercontinental Inc.

Then, at the beginning of July 2019, Imperia Intercontinental Inc., the main shareholder of Banco Cuscatlán, stated that the Superintendence of Competition had notified it that the request to purchase the banking and insurance operations of the Canadian entity was admitted.

From the statement of the Superintendence of Competition:

January 28, 2020. The Board of Directors of the Superintendence of Competition (CDSC) authorized the request for economic concentration submitted on June 4, 2019 by Imperia Intercontinental Inc. and Inversiones Imperia El Salvador, S.A. de C.V. and The Bank of Nova Scotia. Now Banco Cuscatlán, SISA, Scotiabank and Scotia Seguros will be part of the same financial conglomerate. (1)

The SC is obliged by law (2) to carry out a preventive analysis, in response to a request for economic concentration, to determine whether it will cause a significant limitation to competition, in order to safeguard the benefits that competition generates for the consumer.

Read full statement (In Spanish).

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More on this topic

El Salvador: Scotiabank Purchase Approved

July 2019

The Superintendence of Competition notified Imperia Intercontinental Inc., the main shareholder of Banco Cuscatlán, that the request to purchase the banking and insurance operations of the Canadian entity was accepted.

In early February, Scotiabank reported that it had reached an agreement to sell its banking and insurance operations in El Salvador, including Scotiabank El Salvador, its subsidiaries and Scotia Seguros, to Imperia Intercontinental Inc.

Scotiabank Sells Its Operation in El Salvador

February 2019

Imperia Intercontinental Inc., the main shareholder of Banco Cuscatlán, reached an agreement to purchase the banking and insurance operations of the entity of Canadian origin.

The sale of Scotiabank's operations in El Salvador is subject to authorization by the Superintendence of Competition and the Superintendence of the Financial System.

Purchase of Citibank El Salvador Authorized

June 2016

The Superintendence of Competition has authorized the Honduran company Imperia Intercontinental and Inversiones El Salvador to buy Banco Citibank, five of its subsidiaries, Seguros e Inversiones, and Cititarjetas.

From a statement issued by the Superintendency of Competition in El Salvador:

Purchase of Citibank El Salvador Authorized

June 2016

The Superintendence of Competition has authorized the Honduran company Imperia Imperia Intercontinental and Inversiones El Salvador to buy from Banco Citibank, five of its subsidiaries, Seguros e Inversiones, and Cititarjetas.

From a statement issued by the Superintendency of Competition in El Salvador:

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