Scotiabank Peru S.A.A. (BVL:SCOTIAC1) signed the stock purchase agreement to acquire Servicios SPV S.A.C from Citibank del Peru S.A. for approximately $300 million on December 19, 2014. The agreement also includes the transfer of Citibank employees from the retail and commercial banking businesses in Peru to Scotiabank Peru. The deal is subject to banking, insurance and pensions sector authority (SBS) regulatory approval. Stephen Besen, Kristen Garry and Samuel Waxman of Shearman & Sterling LLP acted as legal advisor for Citibank del Peru S.A. Citibank del Peru acted as in house financial advisor. Juan Luis Avendaño, Luis Miranda, Rocío Liu and Jorge Toyama, Erick Sablich, Mariano Peró and José Villafuerte of Miranda & Amado Abogados acted as legal advisors for Citibank del Peru. Ian Arellano, Stefan Stauder, Ebad Rahman and Michael Pass of Torys LLp and Payet, Rey, Cauvi acted as legal advisor for Scotiabank.

Scotiabank Peru S.A.A. (BVL:SCOTIAC1) completed the acquisition of Servicios SPV S.A.C from Citibank del Peru S.A. on May 1, 2015.