Davivienda signs agreement with Scotiabank and takes over its operations in Panama
Banco Davivienda announced the signing of an agreement with The Bank of Nova Scotia (Scotiabank Canada) to integrate Scotiabank's operations in Colombia, Panama and Costa Rica.
Source: EL TIEMPO
The agreement was previously approved by the Board of Directors of Davivienda and will allow Scotiabank to become a shareholder of Davivienda with an approximate 20% stake and representation on its Board of Directors. And on January 6, the banking entities made the agreement public.
The transaction is subject to the corresponding regulatory approvals in each of the countries involved, a process that is expected to be completed in the second half of 2025. During this period, both entities will continue to operate independently.
The financial entity indicated that transactions through its digital channels will be free of charge during the emergency derived from the coronavirus.
With the integration, Davivienda's assets are projected at approximately $60 billion, representing a 40% increase in its total operations. In Colombia, assets would grow by 30%, while in Costa Rica and Panama the estimated increases would be 90% and 180%, respectively.
This move reinforces Davivienda's geographic diversification strategy, leaving 70% of its assets in Colombia and 30% in Central America. Currently, Davivienda and Scotiabank serve 27.4 million customers in the markets where they operate.
The integration seeks to strengthen the value offer for corporations, small and medium-sized companies, and individual customers by combining Scotiabank's global experience and Davivienda's regional platform.
As part of the agreement announced between Davivienda and Scotiabank, Grupo Colpatria confirmed the sale of its 43.9% stake in Scotiabank Colpatria to the Bank of Nova Scotia. This transaction also includes the divestment of Fiduciaria Scotiabank Colpatria (5.4%) and Scotia Securities (2.5%), allowing Davivienda to take over Scotiabank's operations in Colombia, Panama and Costa Rica.
The transaction represents approximately 15% of the Colpatria Group's current investment portfolio and is aligned with its strategy of focusing on sectors such as road infrastructure, energy, construction and real estate assets. During 2024, the group generated 3,000 direct jobs and 15,000 indirect jobs, reaffirming its commitment to economic development and the creation of opportunities in the country.