Payet, Rey, Cauvi, Pérez Abogados advised Scotiabank Perú S.A.A. on the sale of 100% of the share capital of CrediScotia Financiera S.A. to Banco Santander, S.A. (Spain), as part of Scotiabank’s strategy to optimize its portfolio and focus its business on strategic areas in Peru.
PRCP’s Corporate and Mergers & Acquisitions practice was in charge of advising on this transaction. The team was headed by our partner Susan Castillo and included Carla Sinchi, Paula D’Medina and Fernando Díaz.
The closing of the transaction was subject to obtaining multiple regulatory authorizations, such as the authorization of the Superintendence of Banking, Insurance and AFPs (SBS) of Peru for the acquisition of the shares of CrediScotia Financiera, the authorization of the Competition Authority of Peru in accordance with the merger control law and the authorization of the European Central Bank in terms of regulation, supervision and solvency of financial institutions.
The transaction presented a high level of complexity and required detailed advice at each stage of the process. PRCP provided support in the structuring of the operation and in the management of regulatory aspects, ensuring compliance with all the conditions precedent.
After obtaining the necessary approvals, the transaction was successfully closed at the end of February 2025, consolidating a strategic transaction for the entities involved.
