Scotiabank expands in Colombia
Banco Colpatria (Spanish only), a division of Scotiabank Colombia SA, last week acquired the small-business and consumer operations, including credit cards, of Citibank Colombia, for an undisclosed amount.
Assuming the transaction is approved, Colpatria will have close to 3 million credit-card accounts, some 20% of the total.
In 2013, Scotiabank Colombia starting using the Colpatria brand, a year after it acquired a majority stake in Banco Colpatria, Colombía’s sixth largest financial group.
Scotiabank Colombia SA was established in 2010, with a focus on corporate banking and investment.
Scotiabank Colombia is a division of Toronto-based Scotiabank, with operations in more than ten countries in Latin America and the Caribbean, and 2017 assets equivalent to US$700 billion.
Citi Colombia will continue to offer corporate banking and wealth-management services.