TORONTO — The Financial institution of Nova Scotia says it has reached an settlement to purchase Citibank’s shopper and small and medium enterprise operations in Colombia because it seems to increase its attain in Latin America.
The financial institution didn’t disclose the phrases of the deal, however says the transaction by way of its subsidiary Banco Colpatria Multibanca Colpatria S.A. shouldn’t be financially materials.
Citibank’s operations in Colombia embody 47 branches and 424 automated banking machines, whereas the addition of Citibank’s native bank card division will add greater than 500,000 new prospects to Banco Colpatria’s operations.
Scotiabank purchased a 51 per cent stake in Banco Colpatria in 2012 and in addition has a presence in a number of different Latin American nations together with Mexico, Chile and Peru.
It says Banco Colpatria is Colombia’s fifth largest banking group with 1.5 million retail, company and industrial prospects, and $13 billion in property.
In December, Scotiabank stated it had additionally secured a deal to purchase a 68 per cent stake in a Chilean financial institution for $2.9 billion.
Firms on this story: (TSX:BNS)