Davivienda to acquire banking operations in Colombia, Costa Rica and Panama from Scotiabank.

Davivienda, a Colombian bank, agreed to acquire banking operations in Colombia, Costa Rica and Panama from Scotiabank, a Canadian multinational banking and financial services company. Financial terms were not disclosed. "With this agreement, we advance our execution plan towards sustainable and higher returns across our International Banking markets. Davivienda is a proven operator which, through the combined entity, will deliver more scale and become an important partner in supporting our Global Wealth Management and Global Banking and Markets businesses in Colombia and Central America," Francisco Aristeguieta, Scotiabank Head of International Banking.