Chile and Peru

Peru's Banco Cencosud given savings and loan cooperative nod

Bnamericas Published: Friday, March 01, 2019

Peru's financial services watchdog SBS has given local banking sector minnow Banco Cencosud the green light to become a savings and loan cooperative.

The entity will be known as Caja Rural de Ahorro y Crédito CAT Perú and authorized to administer cards and issue e-money, a regulatory filing said. Associated transfer paperwork has already been signed, the filing said.

The news comes after Canadian banking giant Scotiabank agreed last year to buy a 51% stake in the business for around US$100mn.

Banco Cencosud is part of Chilean retail group Cencosud, which had announced in 2017 that it was considering selling US$1bn in non-strategic assets.

Following a new law, the country's savings and loans cooperatives have come under the watch of SBS.

At the end of last year, retail-focused Banco Cencosud's book of net loans stood at 751mn soles (US$227mn).

ALSO READ: At a glance: Peru's 5 biggest banks by loan book

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