Of Special Interest


[x] [x]

21st October 2011

Scotiabank buys majority stake in Banco Colpatria

Scotiabank has agreed to purchase a 51% stake in Banco Colpatria subject to regulatory approval. The price is mainly in paper with 10m shares plus $500m for the stake. Colpatria is the fifth largest bank in Colombia and has assets circa US$6.2bn and deposits of $4.2bn.

The deal is said to be part of a wider long term strategic partnership. It marks a further key step in Scotiabank's Latin America expansion.