Scotiabank Buys Citi's Operations in Panama and Costa Rica

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.

Tuesday, July 14, 2015

From a statement issued by Scotiabank:

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

SAN JOSE, July 14, 2015 - Scotiabank announced today that it has reached an agreement to acquire Citigroup's personal and commercial banking operations in Panama and Costa Rica, subject to regulatory approval. The core category 1 capital ratio of Scotiabank will be affected by approximately 15 basis points.

This acquisition is in line with Scotiabank's strategy to increase its scale and presence, complementing its operations in Panama and Costa Rica. This transaction will significantly increase the Bank's participation in the credit card market, reaching about 18% in Panama and 15% in Costa Rica and positioning Scotiabank in second place in this segment in both countries.

More on this topic

Completion of Bank Merger in Costa Rica

July 2018

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.

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. 

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.

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.

Ficohsa Acquires Citi in Nicaragua

March 2015

The transaction involves the acquisition of all of Citi's operations in the country, including commercial loans, personal loans, deposits and credit cards.

From a statement issued by Ficohsa Group:

The company has been consolidated among the 10 largest financial groups in Central America

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