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Scotiabank closes deal in Panama and Costa Rica

Tuesday, February 2, 2016

Scotiabank said Monday it has acquired Citigroup’s consumer and commercial banking operations in Costa Rica and Panama.

The signing of these acquisitions was announced in July 2015 and the transactions are valued at approximately $360 million. The acquisitions triple Scotiabank’s customer base in Panama and Costa Rica from approximately 137,000 to 387,000.