Canada-based Scotiabank has completed its acquisition of The Royal Bank of Scotland's (RBS) wholesale banking operations in Colombia. Regulatory approvals have now been secured and effective immediately, these operations have been renamed Scotiabank Colombia.
Scotiabank Colombia will provide access to corporate banking and capital markets products and services through Scotia Capital, and cash management and trade finance products and services through other divisions of the Scotiabank Group.
Paul D’Agata, managing director at Scotia Capital, will oversee the Colombian corporate banking business.
In Latin America, Scotiabank has operations in Brazil, Chile, Mexico, Peru and Venezuela. The bank has approximately 25,000 employees, 2,145 automated banking machines and 1,474 branches, kiosks and other offices in the region, including affiliates.
Steve McDonald, group head for global corporate and investment banking and co-CEO of Scotia Capital, said: “We are excited about this expansion into Colombia, as it reinforces our commitment to provide global wholesale banking products and industry expertise to clients and multinational corporations around the world. It also represents Scotia Capital’s commitment to deepen our expertise and client relationships throughout Latin America.”
Mike Durland, group head of global capital markets, and co-CEO of Scotia Capital, said: “With the acquisition of a Colombia-based wholesale banking platform, we are uniquely positioned to capitalize on the synergies between Scotia Capital and Scotiabank’s international operations. It is an exciting opportunity that will allow us to cross-sell global capital markets products and services to clients in Colombia and throughout emerging markets in Latin America.”