Altas Cumbres close to sale deal with Scotiabank

Continuing its financial restructuring process, Chilean group Altas Cumbres, linked to the impresario Santiago Cummins, is thought to be close to selling the Peruvian entity Banco del Trabajo to Scotiabank of Canada. As well as the Peruvian bank, Guatemala's Banco de Antigua and the Dominican Republic's Banco de Ahorro y Credito Altas Cumbres are also to be included in the package for a total of around US$200mil. The Chilean group has already sold off assets in Peru, Costa Rica and Ecuador this year whilst Scotiabank has been adding Latin American assets this year. Banco del Trabajo started up in Peru in late 1994 and has 96 branches and a net worth of almost US$46mil these days.

Publication: SABI - Business News
Provider: South American Business Information
Date: October 1, 2007