Santander agreed to purchase 100% of the shares of Peruvian CrediScotia Financiera from Scotiabank Peru, in a transaction for which financial details were not disclosed.

According to a statement from Santander, the execution of the purchase is subject to the fulfillment of certain conditions, including approval by the competent authorities, both in Peru and by the European Central Bank (ECB).

CrediScotia Financiera indicates on its web page that it is the consumer credit subsidiary of the Scotiabank Group in Peru, with more than 550,000 clients, to whom it offers personal loans, credit cards, savings accounts, time deposits, insurance and other financial products.

"In the case of Banco Santander, this acquisition will complement the bank's overall Digital Consumer Bank business model, which includes auto finance, consumer finance and deposit-taking, as well as broaden the range of products and services offered by the bank in Peru," said CrediScotia.

Santander manages assets of more than US$5 billion in Peru with three lines of business: corporate and investment banking, consumer finance and microfinance.

(Information by Tomás Cobos; edited by Benjamín Mejías Valencia)