Scotiabank Peru is the local subsidiary of Canada's Bank of Nova Scotia, which operates in more than 55 countries worldwide. The bank provides retail, corporate, commercial and investment banking services for individuals and businesses. Based in Lima, it started operations in 2006 after the merger of local banks Wiese Sudameris and Banco Sudamericano. Three years later, the bank acquired local finance firm Banco del Trabajo which was renamed Crediscotia Financiera and became its microfinance and consumer finance subsidiary. Scotiabank Peru also controls local firms Scotia Fondos, Casa de Bolsa Scotiabank Peru, Scotia Titulizadora, and Servicios, Cobranzas e Inversiones (SCI). In late 2014, it acquired Citibank's retail and commercial banking operations in the country, adding nearly 130,000 customers and eight branches to its Peruvian operation, where it is one of the largest foreign players.
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