Scotiabank-backed Banco Colpatria completed the acquisition of Citi Colombia's consumer and small and medium enterprise operations.

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.