Scotiabank Announces Bancassurance Strategic Alliance With Insurance Unit BNP Paribas Cardif in Pacific Alliance Countries

Scotiabank announced on Thursday it has formed a partnership with BNP Paribas Cardif, the insurance unit of BNP Paribas, as part of its efforts to bring more customer-centric solutions to its customers in the Pacific Alliance Countries.

According to Scotiabank, the partnership involves the development of protection and insurance solutions to be distributed to Scotiabank’s growing 9 million retail customers in the Pacific Alliance Countries, where the combined retail loan book is approximately CAD$55 billion.

“This agreement will see the Bank’s customers benefit from integrated banking and protection solutions to provide a world-class customer experience.  This strategic initiative will contribute to our International Banking business, where the Bank continues to grow earnings above our medium-term target of 9% plus.”

Speaking about the partnership, Ignacio (Nacho) Deschamps, Group Head, International Banking & Digital Transformation at Scotiabank, stated:

“As a leading bank in the Pacific Alliance, Scotiabank is committed to the region and we are excited to be able to jointly serve our retail customers across the region with world–class protection solutions that enhance the banking and insurance experience.”

Jean-Bertrand Laroche, Deputy CEO, Head of International Markets, BNP Paribas Cardif, went on to add:

“We are proud to work with Scotiabank, a leading financial services provider in the Americas, to provide its customers with expert advice, insights and solutions. We have been operating in Latin America for 20 years with strong positions in many countries. Considering the large scope and length of this bancassurance, our strategic alliance with Scotiabank is a milestone of our development in the region.”

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