The Canadian Company Scotiabank announced the integration of its two Peruvian subsidiaries; Banco Wiese Sudameris and Banco Sudamericano. Scotiabank was hoping to have the integration completed by June but the process proceeded quicker than expected. Until a new name is created for the merged bank the name that will be used will be Scotiabank Perú.
The new bank will focus its services on lending to consumers and to small and mid-sized businesses. The new bank will be the third largest in Peru after the Banco de Credito and BBVA Continental and account for approximately 18% of Peru’s banking system deposits.