LIMA, PERU, June 19 /CNW/ - Scotiabank today announced that it has
acquired a 47.5% stake in the private Peruvian pension fund Profuturo for
US$33 million. Scotiabank will be working in partnership with a group of
Profuturo's existing local shareholders to manage the company.
"Scotiabank is very excited about this partnership and about our entry
into the high potential Peruvian pension fund market," said Carlos Gonzalez
Taboada, Chairman of Scotia Peru Holdings. "Peru is a fantastic market with
enormous potential. Today's announcement is the latest in a series of Peruvian
investments by Scotiabank and Scotiabank Peru, underlining our confidence in
the Peruvian market and in the opportunities this market presents for our
customers, our employees and our shareholders."
Founded in 1993, Profuturo is the fourth largest private pension fund in
Peru, with 23% of the market's pension fund customers and a 17% market share
of the system's revenues.
"We believe that this partnership represents a significant opportunity to
grow Profuturo," said Andres von Wedemeyer, Profuturo's Chairman. "We look
forward to working with Scotiabank and together build a leading private
pension fund for Peru."
The local shareholders are made up of Cervesur, a leading Peruvian
corporation and Transacciones Especiales, which is controlled by Grupo La
Positiva and Grupo Suramericana.
Scotiabank and the local shareholders, who together control 95% of
Profuturo, have also announced that they will be launching a tender offer to
acquire up to 100% of the Peruvian pension fund company.
Scotiabank - which celebrated its 175th anniversary in 2007 - has been in
Peru since 1997. On December 5, 2005 Scotiabank announced a US$330 million
investment in Peru as part of the Bank's strategic growth plan in Latin
America. The transaction ultimately combined Banco Wiese Sudameris (BWS) and
Banco Sudamericano to form the country's third largest bank.
In Latin America, Scotiabank has operations in Chile, Costa Rica,
Dominican Republic, El Salvador, Guatemala, Mexico, Panama, Peru, Puerto Rico
plus minority interests in Venezuela and a representative office in Brazil.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With $453 billion in assets (as at April 30, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
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For further information: Krista Pawley, (416) 866-3703 or