Canadian banking major Scotiabank has agreed to acquire a 51% controlling interest in Peru’s Banco Cencosud for approximately C$130m ($100.74m).

Banco Cencosud offers credit cards and consumer loans in Peru.

Upon completion of the acquisition, Scotiabank is expected to become the second-largest credit card issuer in Peru.

Scotiabank group head of international banking Ignacio Deschamps said: “Building on our existing partnership with Cencosud enables us to increase Scotiabank’s market share and presence in Peru and provides us with a larger base of customers to offer our leading financial products and services.

“This transaction also aligns to Scotiabank’s broader international strategy to increase scale in the Pacific Alliance economies of Mexico, Peru, Chile and Colombia.”

Also, Scotiabank’s Peruvian subsidiary has revealed plans to ink a long-term alliance with Banco Cencosud for the management of credit card business.

The 15-year partnership will additionally involve provision of other products and services to customers.

The Canadian bank forayed into Peruvian market in 1997, and bolstered its position with various acquisitions, including Banco Wiese Sudameris and Banco Sudamericano in 2006 and Citibank’s commercial and retail portfolio in 2015.

Currently, Scotiabank Peru operates 310 branches with a total of nearly 10,500 employees and 975 ABMs.