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Scotiabank Signs Agreement To Acquire A Majority Stake In Colombian Pension Fund Company Colfondos AFP

In January 2012, Scotiabank formed a strategic partnership with Mercantil Colpatria and acquired 51 per cent of Banco Colpatria.

"We continue to invest in Colombia because we see this as a market with great potential for growth," said Brian Porter, Group Head of International Banking at Scotiabank. "A presence in the retail space through Banco Colpatria and now the wealth market through Colfondos provides great opportunity for Scotiabank and Mercantil Colpatria to realize organic growth."

Scotiabank in Colombia

  • Scotiabank entered the retail banking market in Colombia with the purchase of a 51 per cent stake in Banco Colpatria in January of 2012.
  • Scotiabank, through its Global Banking and Markets division, entered Colombia in 2010 with the acquisition of the wholesale banking operations of RBS.
  • Scotiabank has had a presence in Central and South America for more than 40 years.

Scotiabank in Central & South America

  • Scotiabank has operations in 13 countries in Central and South America including Peru, Chile, Panama, Brazil, Uruguay, Costa Rica, Guatemala, Colombia, El Salvador, Guyana, Nicaragua, Belize and Venezuela.
  • Scotiabank's international operations include a number of asset management, insurance and full service brokerage businesses. Through its Global Wealth Management division, Scotiabank also offers private banking and trust administration services to high net worth clients worldwide.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 80,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets of $660 billion (as at April 30, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE Scotiabank

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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