Scotiabank, via its Colombian subsidiary Scotiabank Colpatria, has completed the acquisition of Citibank Colombia's consumer and small and medium enterprise (SME) businesses.
Image: Scotiabank has acquired Citibank Colombia's consumer and small and medium enterprise businesses. Photo: courtesy of rawpixel / Unsplash
The acquisition will help Scotiabank Colpatria to expand its presence in credit cards segment.
The deal adds over 500,000 new customers, enabling the bank to serve country’s premium banking segments supported by Scotiabank’s global wealth Management network.
In 2012, Scotiabank purchased 51% of Banco Colpatria. Under the brand Colpatria Multibanca, Scotiabank Colpatria provides services to around 3.5 million retail, corporate, and commercial customers.
Scotiabank’s Colombian pension fund management firm Colfondos provides services to around 2.7 million customers and has around $14.2 billion in assets under management.
To expand its operations in the Pacific Alliance countries, Scotiabank has opened new digital factories in Mexico, Peru, Chile and Colombia to create an ecosystem of innovation and enhance digital transformation.
Scotiabank Colpatria is claimed to be the Colombia’s fifth largest banking group in terms of consumer loans, home loans, and companies and SMEs, while sixth in deposits, including savings, current and CDT accounts.
With 175 offices and more than 370 ATMs, Scotiabank Colpatria, provides services to individuals and businesses in 38 cities. The bank has $13bn in assets.
Scotiabank, which is Canada’s international bank, provides financial services in in North America, Latin America, the Caribbean and Central America, Europe and Asia-Pacific.
The bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
With a team of over 89,000 employees, the bank has assets of more than $926bn , as of 30 April this year.
Citi has around 200 million customer accounts and carries out business in over 160 countries and jurisdictions.
Citi offers consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management services to the consumers, corporations, governments and institutions.