Scotiabank has announced the closing of its acquisition of a 51% stake in Banco Colpatria, citing “significant growth opportunities in Colombia”. Long-term partner Mercantil Colpatria will retain 48.7% ownership
Scotia will pay U.S.$500 million in cash, along with 10,000,000 common shares of The Bank of Nova Scotia.
“We are pleased to be partnering with Mercantil Colpatria and Banco Colpatria’s strong management team to leverage our joint expertise and accelerate the bank’s growth in Colombia,” said Brian Porter, group head of international banking at Scotiabank. “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.”
Banco Colpatria has assets of U.S.$6.4 billion and deposits of U.S.$4.4 billion, and is Colombia’s fifth largest financial group.
“The approval from the regulators for this transaction is proof of the country’s confidence and marks the beginning of a great future for the bank, its employees and its customers,” said Santiago Perdomo, president of Banco Colpatria.