Announced
Completed
Financials
Tags
Friendly
Colombia
Completed
Investment Banking
foreign exchange
investment banking
cash management services
Private
Majority
Acquisition
Cross Border
Single Bidder
Synopsis
Scotiabank-backed Banco Colpatria, a banking group, completed the acquisition of Colombia's consumer and small and medium enterprise operations from Citi, a global bank. Financial terms were not disclosed. "We're excited about this acquisition because it will allow us to serve new customers in Colombia, and it is in line with Scotiabank's strategy to increase scale within the Colombian banking sector, as well as the other Pacific Alliance economies of Mexico, Chile and Peru," Nacho Deschamps, Scotiabank Head of International Banking and Digital Transformation.
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