Transaction|January 31, 2020

Scotiabank completes sale of its operations in El Salvador to Imperia

Torys acted as counsel to Scotiabank with a team led by (Ricco) A.S. Bhasin and that included Giancarlo Ruscio, Kevin Armitage and Salima Fakirani (corporate/M&A) and Andrew Silverman (tax).

On February 8, 2019, Scotiabank announced that it reached an agreement under which Scotiabank would sell its banking and insurance operations in El Salvador, including Scotiabank El Salvador, its subsidiaries and Scotia Seguros, to Imperia Intercontinental Inc. ("Imperia"), the main shareholder of Banco Cuscatlán S.A and Seguros e Inversiones S.A ("SISA") in El Salvador.

Closing of the transaction was announced on January 31, 2020.

Further information can be found on Scotiabank's website.

Scotiabank is Canada's international bank and a leading financial services provider in the Americas.

Banco Cuscatlán is one of the principal Banks in El Salvador. It operates 54 points of service with 1,700 employees throughout El Salvador.

SISA is the leading insurance company in El Salvador.