Scotiabank Chile, Scotiabank Sud Americano
Scotiabank Chile (formerly Scotiabank Sud Americano, SSA) was formed by a group of prominent Chilean businessmen in 1944 under the name of Banco Sud Americano. Scotiabank Group first purchased shares in the company in 1990. In 2000, by way of a public offering, together with shareholder negotiations, Scotiabank was allowed to take control of 98% of Banco Sud Americano's equity and change its name to Scotiabank Sud Americano. In November 2007, Scotiabank Sud Americano took control of 99.5% of Banco del Desarrollo (BDD) through a public offering of shares. The banks merged in November 2009 changing the name to Scotiabank Chile. As a result of this, the combined SSA and BDD became the 6th largest bank in the country with a 6.7% market share.
As of December 31, 2010, Scotiabank Chile had total assets of US$10.91 billion and total equity of US$1.11 billion. With over 4,000 employees, the company operates a network of more than 150 branches and 190 ATMs. About half of the branches are located in and around Santiago. The Bank offers retail and commercial banking services with particular strengths in the commercial and corporate sectors and international trade. Scotiabank Chile forms part of Scotiabank Group and is controlled in 99.7% by The Bank of Nova Scotia. In September, 2010, the Bank announced its agreement to acquire the Royal Bank of Scotland’s (RBS) corporate and commercial banking operations in Chile. The purchase will result in the Bank acquiring approximately US$900 million in total assets of RBS.
Head office address:
Phone: 56 2 692 6526
Fax: 56 2 692 6594