Sunday 26 September 2021

Scotiabank Said to Weighing Bid for Citigroup Central America

Paying the bills

Latest

Government will buy one million more covid vaccines for children and third doses in 2022

QCOSTARICA - The President of Costa Rica, Carlos Alvarado,...

Don’t forget the vehicular restrictions

QCOSTARICA - If you are out and about this...

UNA epidemiologist: “We are not better, we are less worse”

QCOSTARICA - The fact that the number of infections...

Today’s Vehicle Restriction September 26: “ODD” ending plates CANNOT circulate

QCOSTARICA - For today, Sunday, September 26, vehicles with...

Canadian airlines will start flying back to Costa Rica on October 2

QCOSTARICA - Four Canadian airlines will resume their flights...

8-year-old boy dies abruptly of covid-19

QCOSTARICA - An eight-year-old boy who had no risk...

Vaccinations face unfounded fears over AstraZeneca dosages

QCOSTARICA - The goal of immunizing 500,000 people over...
Paying the bills

Share

scotiabank

(QCOSTARICA) It is said the businesses of Citigroup Central America could be valued at about US$1.1 billion in a sale.

According to a report by the Washington Post, though Canada’s Bank of Nova Scotia (Scotiabank) is conducting due diligence on the assets, a deal may not be reached, said people asking not to be identified discussing private information.

- Advertisement -

An acquisition of the Costa Rica and Panama businesses would be the second such deal between the banks in six months.

Last October Citibank announced it was scaling back consumer banking and exiting some markets by the end of 2015.

Representatives for Scotiabank and Citigroup declined to comment.

Also in talks with Citigroup was Spain’s Banco Popular Español, in a sale that would have included operations in Costa Rica, Panama, El Salvador, Guatemala, and Nicaragua. Talks broke off in March because it didn’t fit with the Madrid-based bank’s strategy.

Scotiabank operates in more than 55 countries in Latin America, the Caribbean and Asia. The Toronto-based bank has targeted Mexico, Colombia, Chile and Peru as countries offering the best opportunities for growth though Chief Executive Officer Brian Porter has said the bank will be “opportunistic” anywhere Scotiabank has operations.

In a deal that was completed this month, Scotiabank, in December agreed to acquire Citigroup’s retail – and commercial – banking operations in Peru. That deal included eight branches and about 130,000 customers.

- Advertisement -

In 2011,  Scotiabank acquired a majority stake in Banco Colpatria, in its first major investment in Colombia. In that deal, Scotia acquired 51 per cent of Banco Colpatria for US$500-million in cash and with 10 million common shares, gives it effective control of Colombia’s fifth-largest bank.

Source: The Washington Post with Bloomberg

- 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.