Q COSTARICA—The Bank of Nova Scotia (Scotiabank) and Davivienda said on Monday that they received regulatory approval for the transfer of Scotiabank’s banking operations in Colombia, Costa Rica, and Panama to Davivienda.
The combined operations of both institutions will operate under a new holding company, Davivienda Group.
An earlier version of this article incorrectly stated that
The Canadian bank is not “selling” its banking operations; it is instead transferring the operations for a 20% stake in the Colombian financial institution.
In announcing the deal in January, Scotiabank said the move was part of its plan to improve profitability across its international banking operations.
The bank said the deal gives it the opportunity to participate in a business with a proven management team.
Davivienda has operations in Colombia, Costa Rica, El Salvador, Honduras, Panama and Miami has more than 24.6 million clients.
SOURCES: Scotiabank, The Canadian Press