Image for illustrative purposes
Image for illustrative purposes

(QCOSTARICA) Scotiabank announced this morning it has reached an agreement to acquire Citibank’s retail and commercial banking operations in Panama and Costa Rica, expanding its presence in Central America.

According to a statement by the Canadian bank, the acquisition is in line with Scotiabank’s strategy to increase its scale and presence, complementing its operations in Panama and Costa Rica.


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The purchase “will significantly increase the Bank’s participation in the market for credit cards, reaching about 18% in Panama and 15% in Costa Rica and positioning Scotiabank in second place in this segment, in both countries,” he said bank in the press release.

Citibank, who has been operating in Costa Rica since 1968 and in Panama since 1904, said it will continue to provide corporate and institutional banking and wealth-management services in the countries following the close of the deal.

Last October, Citibank announced it would be closing its retail banking operations in 11 markets, with Costa Rica one of them.


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Citibank, which has been operating in Costa Rica since 1968 and in Panama since 1904, said it will continue to provide corporate and institutional banking and wealth-management services in the countries following the close of the deal.

Last October Citibank announced closing  consumer banking operations in 11 markets, with Costa Rica one of them.

243734_citiCitibank operations in Costa Rica and Panama include 27 branches serving more than 250,000 personal and business customers.

The terms of the transaction, which will nearly triple Scotiabank’s customer base in the two countries, to roughly 387,000 from about 137,000, were not disclosed.

Until the transaction receives regulatory approval all operations, branches, products and benefit programs continue to develop unchanged. Scotiabank and Citibank will work together to ensure that the transition is seamless for customers and employees.

Citibank will continue to operate in these countries with a focus on its Corporate and Institutional Banking Business, and International Wealth Management Services.

About Scotiabank in Costa Rica

  • Scotiabank entered Costa Rica in 1995 and has since grown to an operation with USD$2.65 billion in assets, 35 branches and 153 ATMs.
  • Scotiabank serves approximately 110,000 customers in Costa Rica.

About Scotiabank in Panama

  • Scotiabank entered Panama in 1974 and has since grown to an operation with USD$2.7 billion in assets, 16 branches and 22 ATMs.
  • Scotiabank serves approximately 27,000 customers in Panama.