The Scotiabank group announced this morning that it will sell its banking and insurance activities in El Salvador to focus on important markets that can generate a larger scale & # 39 ;.
The company that acquires the operation is Imperia Intercontinental, the main shareholder of Banco Cuscatlán and Sisa S.A.
"We are pleased to announce this important agreement with which we want to improve the opportunities for the customers of both banks, and we are confident that this acquisition will provide another interesting improvement for our institutions, employees and for the country." El Salvador " said Eduardo Montenegro, chairman of the board of Banco Cuscatlán and SISA Seguros.
Scotiabank, a company based in Canada that added $ 998,000 million in assets last October, also decided last year to leave Caribbean markets such as Jamaica and the Dominican Republic.
In El Salvador, the financial entity is the fourth largest in the market, with assets reaching $ 1,959.1 million in December 2018. The net loan portfolio in turn amounted to $ 1,431 million, mainly focused on mortgages and business loans.
Banco Cuscatlán is now fifth on the Salvadoran market with $ 1,554.7 million in assets and a net loan portfolio of $ 998.3 million.
The purchase operation awaits the approval of the corresponding authorities. If they were to be merged, the companies would add credits of $ 2,429.3 and give shape to the second largest entity in the system, just below Banco Agrícola.
As far as the insurance is concerned, the resulting institution would occupy the number one position, since Sisa is currently in first place and Scotia Seguros is number three.
Imperia Intercontinental Inc., the sister company of Grupo Terra, acquired the activities of Citibank in El Salvador in 2016 and brought the iconic brand Cuscatlan to the Salvadoran square again.