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January 16, 2015

Scotiabank purchases Citibank’s consumer and commercial banking business in Peru

Miranda & Amado Abogados has advised Citibank N.A. and Citibank Peru in the sale of the latter’s consumer and partial commercial banking business to Scotiabank Peru, a subsidiary of the Canadian Bank of Nova Scotia, for US$295 million.

The consumer business includes primarily a portfolio of credit card loans, deposits, employees and ancillary contracts. The transaction is subject to authorization from the banking regulatory authority.

Citibank N.A. and Citibank Peru were advised by partners Juan Luis Avendaño, Luis Miranda, Rocío Liu and Jorge Toyama; and associates Erick Sablich, Mariano Peró and José Villafuerte of Miranda & Amado Abogados. US law advice was provided by the New York office of Shearman & Sterling LLP.

The deal closed on December 19th, 2014.