Scotiabank buys Crédito Familiar

Scotiabank has completed the acquisition of Crédito Familiar, a mexican financing firm.

“Scotiabank is focused on building on our growing and profitable global consumer and micro-finance platform, and Crédito Familiar will be a key part of that,” says Wendy Hannam, Scotiabank’s executive vice president of sales, service, products & marketing for International Banking. “A major element of Scotiabank’s international growth strategy is to expand our presence in underserved markets.”

Crédito Familiar was established in 1996 and includes 246 branches. The firm, acquired by Banamex in 2007, serves more than 145,000 customers with an average loan size of just over US$1,500.

As part of Scotiabank’s increased focus on consumer and micro finance, the Bank recently created a specialized divisional segment team to manage these businesses across the Caribbean and Latin America.

The new team will share best practices with this segment to drive prudent growth and collaboration.

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