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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.
