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Peru's Banco Pichincha gains regulator clearance to absorb technology subsidiary

Peru's finance regulator authorized Banco Pichincha del Perú to absorb its Technology Outsourcing Servicios Operativos SAC subsidiary, according to filing.

The Lima-based institution noted that the merger process will formally begin on Jan 10.

When submitting the decision to shareholders in 2018, the bank, which owns a 99% stake in the technology firm, had said it hoped to align synergies and provide operational savings through the merger.