Banco Davivienda Gains Slice Of Scotiabank’s Operations

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Banco Davivienda has taken complete Scotiabank’s operations successful Colombia, Costa Rica and Panama successful speech for a 20% liking successful its company.

Between nan 2 banks, they will person complete 27 cardinal clients successful nan region and will beryllium nan 2nd largest institution successful Colombia down Bancolombia and up of Banco de Bogotá. However, they will walk Bancolombia for nan largest number of in installments cards successful nan state pinch 3.8 million. It is nan largest transaction successful Colombia’s banking assemblage successful caller years. At existent speech rates, 20% of Banco Davivienda is worthy astir $417 million.

“With this agreement, we beforehand our execution scheme towards sustainable and higher returns crossed our International Banking markets,” said Francisco Aristeguieta, Scotiabank’s caput of world banking successful a statement.

Rumors of nan woody started successful November 2024 arsenic Scotiabank looked to proceed CEO Scott Thomson’s plans to refocus connected halfway markets, particularly successful North America. However, they will proceed to work corporate, wealthiness guidance and world clients successful those countries. Grupo Bolívar, who ain Vivienda, person been preaching location consolidation too.

At nan extremity of 2023, Grupo Bolívar, led by nan Cortés family, reported assets of $19.1 billion.

“This confederation represents a strategical beforehand successful Davivienda’s positioning successful nan region, maintaining Scotiabank’s world acquisition by becoming a shareholder of Davivienda,” Banco Davivienda said successful a statement. “These agreements will let Davivienda to bring an innovative and competitory worth proposition pinch a world imagination to nan Latin markets wherever it operates.”

Scotiabank entered Latin America pinch a $1 cardinal liking successful Banco Colpatria successful 2012, capable for a mostly stake. Four years later they paid $360 cardinal for Citibank’s operations successful Costa Rica and Panama. In 2018, Scotiabank took complete Citi’s Colombian individual and SME banking operations.

The woody is expected to return astir 12 months to finalize. Scotiabank will beryllium represented connected Davivienda’s committee of directors. Key issues for nan caller slope will beryllium introducing caller technologies arsenic good arsenic dealing pinch a broader customer base. However, Davivienda is now positioned to perchance return Bancolombia’s crown for number of customers and plus base.       

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