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Scotiabank closes $1 billion deal for 51 percent stake in Colombian bank Colpatria

Thursday, January 19, 2012

The Bank of Nova Scotia said it closed its acquisition of 51 percent of Colombian bank Banco Colpatria, a cash and stock deal it said was worth about $1 billion when it announced it in October.

Mercantil Colpatria, a banking, construction and investment company, retains 48.7 percent ownership in the bank, Colombia’s fifth largest financial group.

Scotiabank’s has had a presence in South and Central America for more than 40 years, but its first foray into Colombia came in 2010 with its acquisition of Royal Bank of Scotland’s wholesale banking operation there.

Original source: Financial Post