Scotiabank to Acquire 51% of Banco Cencosud in Peru and Enter Into Partnership Agreement

Toronto and Lima, Peru (ots/PRNewswire) -

Scotiabank today announced its Peruvian subsidiary, Scotiabank
Peru, has reached an agreement with Cencosud Peru to acquire a 51%
controlling interest in Banco Cencosud, which offers credit cards and
consumer loans in Peru, for approximately CAD $130MM. Under the terms
of the agreement, the two companies will also enter into a 15-year
partnership to manage the credit card business and provide additional
products and services to customers. Scotiabank and Cencosud already
have similar partnership arrangements in Chile and Colombia.

Scotiabank will become the second-largest credit card issuer in
Peru following the closing of the transaction. The terms of the
transaction are not financially material to Scotiabank. This
agreement is subject to regulatory approval.

Cencosud is the second largest supermarket and fourth largest
department store chain in Peru. Cencosud has operated in the country
since 2007 under the Supermercados Wong, Supermercados Metro and
Tiendas Paris brands, as well as shopping centres. Today, Banco
Cencosud has more than 315,000 active clients and approximately CAD
$240MM in outstanding loans in Peru.

"Building on our existing partnership with Cencosud enables us to
increase Scotiabank's market share and presence in Peru and provides
us with a larger base of customers to offer our leading financial
products and services," said Ignacio (Nacho) Deschamps, Group Head,
International Banking at Scotiabank. "This transaction also aligns to
Scotiabank's broader international strategy to increase scale in the
Pacific Alliance economies of Mexico, Peru, Chile and Colombia."

"Working together with Cencosud, Scotiabank will look to
strengthen and build our credit card and consumer loan portfolio,"
said Miguel Uccelli, Country Head and Chief Executive Officer of
Scotiabank in Peru. "Scotiabank Peru will leverage this increased
partnership to build new customer relationships and drive organic
growth in the Bank's retail portfolio."

Scotiabank in Peru and Latin America

- Scotiabank established a presence in Peru in 1997.

- Scotiabank increased its presence with the acquisition of Banco
Wiese Sudameris and Banco Sudamericano in 2006, Banco del Trabajo in
2008 and Citibank's Commercial and Retail portfolio in 2015.

- In 2008, Scotiabank entered the Pension Funds business with the
acquisition of Profuturo. Scotiabank increased its client base to 1.8
million with a 50% acquisition of AFP Horizonte.

- Today, Scotiabank's banking division in Peru has close to 10,500
employees, 310 branches, 975 ABMs across the country and 3.5 million
retail, corporate, commercial and institutional customers.

- Scotiabank operates in 11 countries across Latin American, with
a primary focus on Mexico, Peru, Chile, and Colombia.

About Scotiabank

Scotiabank is Canada's international bank and a leading financial
services provider in North America, Latin America, the Caribbean and
Central America, and Asia-Pacific. We are dedicated to helping our 24
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 89,000
employees and assets of over $923 billion (as at January 31, 2018),
Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges
(NYSE: BNS). For more information, please visit
http://www.scotiabank.com and follow us on Twitter @Scotiabank.

Media enquiries - Scotiabank, Juan Iramain, +1-416-866-4362,
juan.iramain@scotiabank.com ; Investor Relations - Scotiabank, Adam
Borgatti, +1-416-866-5042, adam.borgatti@scotiabank.com

ots Originaltext: Scotiabank
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