Scotiabank, the third largest lender in Canada by assets, has completed the acquisition of Mexico based Crédito Familiar, having received all the necessary approvals.

The terms of the transaction were not disclosed by Scotiabank.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Crédito Familiar has 246 branches across Mexico.

Wendy Hannam, Scotiabank’s excutive vice president of sales and service and products and marketing for international banking said:

"A key element of Scotiabank’s international growth strategy is to expand our presence in underserved markets where we currently operate and Crédito Familiar offers us that opportunity in Mexico."

Troy Wright, president and CEO of Grupo Financiero Scotiabank Mexico, said: "The acquisition of Crédito Familiar will support Scotiabank’s continued focus on growth in Mexico by giving us significant scale and presence in a market where we see real potential for growth."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier in 2012, Scotiabank finalised a deal with Dutch bank ING to buy ING Direct Canada for $3.1bn.