El Salvador: Regulator admits request for Scotiabank sale

The Superintendency of Competition of El Salvador will analyze the purchase of Scotiabank and Scotia Seguros by Imperia Intercontinental, the main shareholder of Banco Cuscatlán and Seguros y Inversiones SISA and one of the main financial operators in Central America.

Imperia Continental announced the acquisition of all shares in the bank. Scotiabank’s parent company announced the sale of its operations in El Salvador several months ago.

“We are confident that we are on the right track, with this admission we are entering the final stage of approvals to finalize the union of two large institutions committed to the development and growth of Salvadorans,” added Eduardo Montenegro, president of the Board of Directors of Banco Cuscatlán and Seguros SISA. If the Superintendence of Competition endorses the transaction, Banco Cuscatlán would become the second largest Salvadoran bank in terms of assets.
Full Content: El Economista

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