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Banco Pichincha completes merger with its technology subsidiary

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Banco Pichincha completes merger with its technology subsidiary

Banco Pichincha del Perú has completed its merger with Technology Outsourcing Services Operativos, or TOSO, according to a company filing.

The bank had been cleared to absorb its technology provider by Peru's financial regulator in January. The merger through absorption had been previously approved by the bank's shareholders assembly and board of directors, and by TOSO's management.

Under the merger, the bank will take control of the total assets, rights and obligations that were previously under the technology firm. The agreement will take effect 10 working days following the notification of the final resolution on the merger by the financial regulator.