TORONTO and MEXICO CITY, Dec. 3, 2012 /CNW/ - Scotiabank today announced
that it has completed the acquisition of Crédito Familiar, having
received all necessary approvals. The terms of the transaction are not
financially material and were not disclosed. The acquisition was
announced in August 2012.
"Scotiabank is focused on building on our growing and profitable global
consumer and micro finance platform and Crédito Familiar will be a key
part of that," said Wendy Hannam, Scotiabank's Executive Vice President
of Sales & Service and Products & Marketing for International Banking.
"A key element of Scotiabank's international growth strategy is to
expand our presence in underserved markets where we currently operate
and Crédito Familiar offers us that opportunity in Mexico."
Crédito Familiar was established in 1996 and today includes 246 branches
and approximately 2,400 employees across Mexico. The firm, which was
acquired by Banamex in 2007, serves more than 145,000 customers with an
average loan size of just over US$1,500.
"The acquisition of Crédito Familiar will support Scotiabank's continued
focus on growth in Mexico by giving us significant scale and presence
in a market where we see real potential for growth," said Troy Wright,
President and CEO of Grupo Financiero Scotiabank Mexico. "We believe
there is a lot of potential for synergies between our consumer & micro
finance and retail businesses as customers succeed and their needs for
banking services grow."
As part of Scotiabank's increased focus on consumer and micro finance,
the Bank recently created a specialized divisional segment team, based
in Peru, to manage these businesses across the Caribbean and Latin
America. The new consumer and micro finance team will share
best-practices in this segment to drive prudent growth and
"Consumer and micro finance is a segment where Scotiabank sees great
potential for growth, and the acquisition of Crédito Familiar
complements our operations across the Caribbean and Latin America,"
said Carlos González-Taboada, Scotiabank's Head of Consumer and Micro
finance. "We will leverage our proven business models and experiences
in countries like Peru to provide solutions to Crédito Familiar
customers, reach new ones, and grow the business."
Scotiabank's Latin American footprint includes operations in Peru,
Brazil, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador,
Mexico, Panama, Puerto Rico, Uruguay and Venezuela.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 81,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. With assets of $670 billion (as at July 31, 2012),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS).
For more information please visit www.scotiabank.com.
For further information:
For Media enquiries:
Toronto: Paula Cufre, Scotiabank Media Communications, 416-866-4833;
Mexico: Elsa Mercado, Scotiabank Media Communications, (5255) 5123 2026,