Completion of Bank Merger in Costa Rica

Scotiabank has announced that on July 3 it had formally completed a merger with Citibank, meaning that its client base will increase from 110,000 to 282,000.

Friday, July 13, 2018

In 2015, the Canadian bank reported the start of the acquisition process of Citigroup's personal and commercial banking operations, which was completed this year. reports that the bank reported in a statement that " ... After the takeover, Scotiabank has become the second largest participant in the credit card business, reaching 15.5% of the market in Costa Rica, according to the same company."

Diego Masola, general manager of Scotiabank Costa Rica, said that " ... with the completion of the merger, they have deepened the credit card business in the country. This integration ratifies the approach of increasing its scale and presence in the Central American region, complementing its operations in Costa Rica and Panama." 

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Promerica Buys Citi Guatemala

September 2015

The financial group from Nicaragua has announced the acquisition of the consumer and commercial banking operations of Citi in Guatemala.

Promerica Group announces the signing of a definitive agreement for the acquisition of consumer banking and commercial banking of Citi Guatemala, subject to approval from the regulatory agencies.

Scotiabank Buys Citi's Operations in Panama and Costa Rica

July 2015

Without disclosing the amount of the transaction, the Canadian bank has announced the acquisition of Citigroup's operations in personal and commercial banking in both countries.

From a statement issued by Scotiabank:

Scotiabank will acquire Citigroup's personal operations and commercial banking operations in Panama and Costa Rica

Costa Rica: Panamanian Group enters the Banking Market

April 2015

Authorization has been given to Grupo Prival de Panama to complete the transaction to acquire 100% of the shares of Banco Bansol in Costa Rica.

The financial group of Panamanian origin which also now operates in El Salvador, in addition to Panama, and its incursion into Costa Rica aims to strengthen its process of regionalization.

Spanish Bank After Citi's Regional Operations

March 2015

Aside from the Colombian Grupo Aval, the Spanish company Banco Popular may also be in negotiations to acquire Citi's entire consumer banking operation in Central America.

The sixth largest bank in Spain, which at the moment has no presence in Central America, could be interested in acquiring the consumer banking operation that Citi has put up for sale in Costa Rica, El Salvador, Guatemala, Nicaragua and Panama.

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