Banco Davivienda acquired ScotiaBank in Colombia, Costa Rica and Panama for a 20 % stake in its company.
Between the two banks, they will have more than 27 million customers in the region and will be the second largest institution in Colombia behind Banquolbia and before Banco de Bogota. However, Bancolombia will pass the largest number of credit cards in the country with 3.8 million. It is the largest treatment in the banking sector in Colombia in recent years. At current exchange rates, 20 % of Banco Davivienda is about $ 417 million.
“With this agreement, we are presenting our implementation plan towards sustainable and higher returns across our international banking markets,” Francisco Erétegoyetta, head of international banking at Scotiaabank.
Rumors of the deal started in November 2024, where ScotiaBank seemed to continue Scott Thompson’s plans to continue to re -focus on basic markets, especially in North America. However, they will continue to serve companies and manage global wealth and customers in those countries. Grupo Bolevar, who owned Vivienda, was also promising regional monotheism.
At the end of 2023, Grupo Bolevar, led by the Cortés family of $ 19.1 billion.
“This coalition represents a strategic progress on the Davuvoid site in the region, where it maintained the global Scottabank experience by becoming a contributor to Davivaida,” Panco Davutuda said in a statement. “These agreements will allow Davivienda to make an innovative and competitive value offer with a global vision of the Latin markets in which you work.”
Latin American Scotiabank entered a billion dollars in Banco Colpatria in 2012, enough for the majority share. Four years later, they paid $ 360 million to Citibank in Costa Rica and Panama. In 2018, Scotiabank seized Citi Personal Citi and Small and Medium Company.
The deal is expected to take about 12 months to end. ScotiaBank will be represented in the Davivienda board of directors. The main problems of the new bank will provide new technologies in addition to dealing with a broader customer base. However, Davivienda is now in a possible position to take the Bancolombia crown for a number of customers and the base of assets.
