Scotiabank Transfers Operations to Davivienda, Secures 20% Stake and Board Seat; C$1.4 Billion Charge

Jan 6, 2025, 05:33 PM

Scotiabank has agreed to transfer its operations in Colombia, Costa Rica, and Panama to Banco Davivienda, resulting in a 20% stake for Scotiabank in Davivienda. This strategic move will also see Scotiabank take a seat on Davivienda's board of directors. The transaction is expected to incur an after-tax charge of C$1.4 billion (approximately $980 million) for Scotiabank. Together, Davivienda and Scotiabank serve around 27.4 million customers across Colombia and Central America, enhancing their market presence in the region.