Tuesday 28 September 2021

Scotiabank Announces Purchase of Citibank’s Retail Banking in Costa Rica and Panama

Paying the bills

Latest

Today’s Vehicle Restriction September 28: Plates ending in “3 & 4” CANNOT circulate

QCOSTARICA - For today, Tuesday, September 28, vehicles with...

Mexico reveals why it rejects tourists from Costa Rica

QCOSTARICA - Mexico has been one of the favorite...

Bianca, Mick Jagger’s first wife: “Nicaraguan by grace of God”

QCOSTARICA - Bianca Jagger, who was the first wife...

Train Yourself to Stay Calm Under Pressure

Do you know anyone who handles stress really well?...

Alunasa, a Venezuelan state company in Costa Rica, leaves employees without salary

QCOSTARICA - The Venezuela state-owned company operating in Costa...

In Venezuela there is food, but expensive

Q24N - The Venezuelan economy has begun to reactivate....

Today’s Vehicle Restriction September 27: Plates ending in “1 & 2” CANNOT circulate

QCOSTARICA - For today, Monday, September 27, vehicles with...
Paying the bills

Share

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.


- Advertisement -

Related: Scotiabank Said to Weighing Bid for Citigroup Central America


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.


More: Scotiabank To Close 120 Branches Worldwide, Will Lay Off 1,500


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.

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Costa Rica has the lowest inflation in the region

QCOSTARICA - Costa Rica registered the lowest inflation in the Central...

The sacrifices of Nicaraguans abroad fuel increased remittances

Q REPORTS - Mildred Duarte, 31, is exhausted. She wishes she...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.