El Salvador: Scotiabank Purchase Approved

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.

Tuesday, July 9, 2019

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.

The purchase was subject to the approval of the local authorities, however, the Superintendence of Competition already notified Imperia Intercontinental that the request was accepted, the financial institution said in a statement.

Elsalvador.com reports that "...  Imperia said that if approved the merger with Scotiabank and Scotia Seguros in El Salvador, Banco Cuscatlán will rank second in terms of assets, in the ranking of Salvadoran banking and SISA, for its part, would consolidate its leadership position in the insurance market."

You may be interested in "El Salvador in 2018: Loan Portfolio Up 6%

The article adds that "... We are confident that we are on the right track. With this admission, we enter the final stage of approvals to realize the union of two major institutions committed to the development and growth of Salvadorans,' said the chairman of the board of Banco Cuscatlán and Seguros SISA, Eduardo Montenegro."

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More on this topic

Banking Concentration Authorized in El Salvador

January 2020

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

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.

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:

El Salvador: Sale of Citi to Terra Group Confirmed

March 2016

The sale of Citibank operations in El Salvador to Honduras' Grupo Terra has been formalized, with the insurer SISA included in the transaction.

From a statement issued by the Stock Exchange of El Salvador:

It was reported that subject to regulatory approvals from the competent Salvadoran authorities, Inversiones Financieras Citibank, S.A.

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