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Scotiabank and Davivienda close previously announced transaction to transfer Scotiabank's banking operations in Colombia, Costa Rica and Panama
Scotiabank and Davivienda close previously announced transaction to transfer Scotiabank's banking...
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[{"type":"text","content":"\n\n\nScotiabank and Davivienda close previously announced transaction to transfer Scotiabank's banking operations in Colombia, Costa Rica and Panama\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\nCanada NewsWire\n\n\nTORONTO, Dec. 1, 2025 /CNW/ - Scotiabank and Davivienda announced today the closing of the previously announced transaction to transfer Scotiabank's banking operations in Colombia, Costa Rica, and Panama to Davivienda. The combined operations of both institutions will operate under a new holding company, Davivienda Group.\n\n\n\n\n\n\n\nAs previously announced on January 6, 2025, Scotiabank entered into an agreement with Davivienda providing for the transfer of the above referenced operations in exchange for an approximate 20% ownership stake in Davivienda Group.\nDavivienda Group will leverage Scotiabank's global experience and Davivienda's local expertise in the region, built on a differentiated client approach and innovation. As part of the integration, Davivienda Group will introduce a transitional brand, DAVIbank, for Scotiabank's former operations in Colombia and Costa Rica. In Panama, they will operate under the Davivienda brand.\n\"Reaching this milestone is key to delivering on our International Banking strategy as we are now at scale in all markets in which we operate in the region, supporting continued improvement in our profitability across our international footprint,\" said Scott Thomson, President and CEO of Scotiabank. \"The transaction provides Scotiabank with the opportunity to participate in a business with a proven management team that will be well-positioned to become a leading franchise through increased scale, synergies, and an expanded client base.\"\nScotiabank and Davivienda will collaborate to strengthen their combined global reach, which will allow Davivienda to increase its international product offering as an important regional player and Scotiabank to continue to support Corporate, Wealth and Global Banking and Markets clients with its services across Davivienda's footprint.\n\"The closing of this transactio...