QCOSTARICA — Scotiabank announced the signing of an agreement to integrate its operations in Costa Rica, Colombia, and Panama with Davivienda.
This strategic alliance will position Scotiabank as a new combined entity that will be the second most important bank in Colombia and with a relevant presence in Central America.
Once the transaction is completed, Scotiabank will receive approximately 20% in the combined operation with Davivienda and will participate in the board of directors, thus maintaining Scotiabank’s presence in the different geographies.
– Advertisement –
“This agreement fills us with pride and we are very excited about the opportunity to maintain support for our clients and presence in Colombia, Costa Rica, and Panama, now with the help of Davivienda – a leading player in the financial system in Colombia and Central America. For us, it has been a privilege to work together on this project of becoming strategic partners,” said Jabar Singh, president and CEO of Scotiabank Colpatria (Colombia), Caribbean and Central America.
Thanks to a collaboration and referral agreement, this transaction will allow for the generation of synergies and the use of Davivienda’s scale to offer clients and prospects the different services of Scotiabank Global, delivering comprehensive financial solutions, wealth management services, corporate banking, global and local capital markets, and investment banking advice.
“This alliance allows us to strengthen the business, combining the strengths, capabilities and experience of Davivienda with the value proposition and global reach of Scotiabank. Resulting in an offer of world-class financial solutions and the best talent at the service of our clients. The transaction will undoubtedly be one of the most emblematic of the Colombian financial sector and the region,” concluded Jabar.
The regulatory approval process could be extended for up to 12 months, during which time each entity will continue to operate independently and the conditions and services of the products offered by both banks will not be affected.
Scotiabank in Costa Rica
The BNS Group of Costa Rica, a subsidiary of The Bank of Nova Scotia, entered Costa Rica in 1995 offering the national market a wide range of financial products and services in the areas of Personal Banking, Commercial and Corporate Banking, SMEs, as well as Investment Funds, Leasing, Insurance and Private Banking.
– Advertisement –
In September 2006, it acquired the Corporación Interfin (Banco Interfin), a purchase that meant significant growth in the local market. In February 2016, it acquired the Personal Banking and Commercial Banking businesses of Citibank, significantly strengthening the value offer for Personal customers, especially in the Credit and Debit Card segment.
The business acquired in 2016, called Scotiabank Transformándonos, offered financial products and services independently and separately until the unification of both banks was completed in July 2018.
– Advertisement –
Source link
Rico
