Bank of Nova Scotia (TSX:BNS) said Wednesday it has closed the previously announced purchase of a 51% stake in Colombia’s Banco Colpatria for $1 billion in cash and shares.

Canada’s most international bank struck the agreement to acquire a stake in the bank last October.

The transaction is comprised of US$500 million in cash and 10 million of Scotiabank’s common shares.

Banco Colpatria is a big credit card issuer in Colombia, a country where the use of credit cards and traditional financial services is rapidly expanding.

“We look forward to the success we will achieve by combining the unique strengths of our two companies and focusing on the significant growth opportunities in the Colombian market,” said Scotiabank international banking head Brian Porter.

Ownership of the bank will be shared with Mercantil Colpatria, which holds of 48.7% stake.

Banco Colpatria has US$6.4 billion of assets and $4.4 billion of deposits as of last November. It has 175 branches and 308 ATMs throughout its operations.

Scotiabank, with 70,000 employees, already operates in 13 countries across Latin America — from Peru and Chile to Brazil, Venezuela, Panama, Guatemala and Mexico.

The Toronto-based financial services giant is also the biggest bank in the Caribbean and has businesses in Asia and other parts of the world.