TORONTO, ON and NEW YORK, NY - May 01, 2015 /CNW/ - Scotiabank announced today it has completed the acquisition of 51% of Cencosud's financial services business in a 15-year strategic alliance. The partnership includes the management of Cencosud's credit card portfolio and the provision of additional products and services to customers of both organizations.

The transaction, valued at approximately USD $280 million, also includes a commitment by the Bank to fund 100% of the loan portfolio. Cencosud's financial services business includes approximately 2.5 million credit cards and close to US$1 billion in outstanding balances in Chile.

"We are happy to complete this acquisition and begin to provide our customers with more credit card options, attract new customers and build scale in Chile," said Dieter Jentsch, Group Head, International Banking, Scotiabank. "This partnership is in line with our strategy to increase market share across all of our priority markets, including Chile."

This acquisition makes Scotiabank the third largest credit card provider in Chile.

"This partnership will further develop our financial services offering to customers and align our operating model in Chile with the one in Brazil and Colombia," said Jaime Soler, General Manager, Cencosud. "We are confident that we will continue to deliver the best services to customers in each of our business lines."

Scotiabank in Chile and Latin America

• Scotiabank entered Chile in 1990 and serves more than 381,000 retail, corporate, commercial and institutional customers.
• Scotiabank in Chile has since grown to an operation with over 3,700 employees and 116 branches across the country.
• Scotiabank operates in 11 countries across Latin America, with a primary focus on Chile, Mexico, Peru and Colombia.

About Scotiabank
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of CAD $852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using CNW. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.

About Cencosud S.A.
Cencosud is a leading multi-brand retailer in Latin America, based on revenues, sales space, number of stores and rentable leasable area in the sectors and countries in which it operates. The company operates in various sectors including supermarkets, home improvement centres, shopping malls, department stores and financial services. Based in Chile, Cencosud operates in Chile, Argentina, Brazil, Colombia and Peru, and has a sales office in China. For more information, visit www.cencosud.com.