BNP Paribas Cardif and Scotiabank Announce Strategic Alliance in Latin America

July 30, 2019

Willkie advised BNP Paribas Cardif in the negotiation of a long-term bancassurance strategic alliance in Latin America with Scotiabank.

On July 25, BNP Paribas Cardif, the insurance unit of BNP Paribas, and Scotiabank, Canada's international bank and a leading financial services provider in the Americas, announced they have entered into a long-term bancassurance strategic alliance in Latin America, a milestone in the region.

The 15-year strategic alliance involves the development of protection and insurance solutions to be distributed to Scotiabank’s growing nine million customers in Chile, Colombia, Mexico and Peru. Supported by BNP Paribas Cardif’s multichannel and analytics expertise, Scotiabank will offer innovative solutions and create new experiences for its customers in the Pacific Alliance Countries.

As the world leader in creditor insurance, BNP Paribas Cardif operates in 35 countries with strong positions across Europe, Asia and Latin America. As the insurance subsidiary of BNP Paribas, it insures 100 million clients in the world, developing products and services in savings and protection, and distributing them through a network of partners, including banks, credit companies, the insurance units of automobile manufacturers, telecoms operators, insurance brokers and retailers, among others. With nearly 10,000 employees worldwide, BNP Paribas Cardif had gross written premiums of €31.8 billion in 2018.

Scotiabank is Canada's international bank and a leading financial services provider in the Americas, helping more than 25 million customers through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 99,000 employees and assets of over $1 trillion (as at April 30, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).

The Willkie team was led by partners Gregory Astrachan and Maria-Leticia Ossa Daza and included partner Howard Block, associates Sarah Wong and Anna Martini Pereira, and foreign law clerks Pablo Hontoria Salgado and Tiago Eler Silva.