Toronto-based Bank of Nova Scotia completed its previously announced acquisition of Citibank Columbia’s consumer (retail and credit cards) and small and medium enterprise (SME) operations through Scotiabank Colpatria S.A., its Colombia-based subsidiary, effective June 30.
The transaction received regulatory approval on June 18.
The acquisition is intended to improve the bank’s strategic position by making it the market-leader in credit cards, increasing its scale in Colombia through the addition of more than 500,000 new customers and expanding its ability to greater serve the country’s premium banking segments supported by Scotiabank’s global wealth management network.
Scotiabank Colpatria, under the brand name Colpatria Multibanca, serves more than 3.5 million retail, corporate and commercial customers.
Scotiabank has been consistently investing across the Pacific Alliance countries, including opening new “digital factories” in Mexico, Peru, Chile and Colombia, the news release says.