This transaction ratifies the leadership of Banco Cuscatlán and SISA in the financial system and their commitment to the future of El Salvador.
Toronto, February 2019. Imperia Intercontinental, the main shareholder of Banco Cuscatlán S.A and Seguros e Inversiones S.A - SISA, is pleased to announce that they have successfully reached an agreement to acquire all of the shares of Inversiones Financieras ScotiaBank El Salvador S.A., financial conglomerate composed by ScotiaBank El Salvador and Scotia Seguros El Salvador.
The acquisition, is subject to the authorization of the Superintendence of Competition and the Superintendence of the Financial System of El Salvador, during the period of approval and regulation, both banks and insurance companies will continue to operate independently and in the same way they have been operating to this day.
“We are pleased to announce this important agreement, subject to the regulatory approvals, with which we intend to enhance the benefits and opportunities for the clients of both banks. We are sure that this is excellent news for the development of our Institution, our employees and for our country. We have a long-term commitment to invest in El Salvador and our main objective is to continue serving our customers in the best possible way.” Expressed Eduardo Montenegro, chairman of the board of directors of Banco Cuscatlán and SISA insurance.
"This transaction with Imperia is in the best interest of our customers, employees and shareholders. We are confident that Imperia, with the support of a talented team, will be well positioned to continue to grow the businesses and provide a high level of service to customers in El Salvador”, said Ignacio (Nacho) Deschamps, Group Head of International Banking and Digital Transformation at Scotiabank.
With this transaction, Banco Cuscatlán and SISA insurance, will consolidate their leadership in the country’s financial system, ratifying its sound commitment with the development and well-being of El Salvador, strengthening its vast and innovative portfolio of products and financial services. The transaction will position the New Banco Cuscatlán among the leading banks of the country and the region, it will also confirm the position of leadership of SISA in the insurance industry of El Salvador and the region.
About Banco Cuscatlán
Banco Cuscatlán is one of the principal Banks in El Salvador. It counts with 54 points of attention and with 1700 employees throughout El Salvador. Under its new digital strategy, it has in progress an investment of $25 million dollars to position itself as digital leader in the Salvadorian banks. Recently it was recognized by Global Finance as first place at the 18th annual award of the world currency exchange providers. For more information, please visit www.bancocuscatlan.com
About SISA Seguros e Inversiones, S.A
The leading company in the Salvadoran insurance market, was founded in 1962, has 56 years of experience and for 25 years has maintained the highest participation in the national market. His leadership is also reflected in the strength of his heritage, the highest in the industry. Solvency and high payment capacity are reflected in its AA + risk rating, issued by Fitch Ratings on April 12, 2018. For more information, please visit www.sisa.com.sv
Scotiabank is Canada's international bank and a leading financial services provider in the Americas. We are dedicated to helping our more than 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 97,000 employees and assets of $998 billion (as at October 31, 2018), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.