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Scotiabank seals two deals in Mexico and Colombia

Wednesday, August 15, 2012

Bank of Nova Scotia's Mexican unit, Scotiabank Inverlat, plans to deepen its presence in Mexico via the purchase of lender Credito Familiar from Citigroup's Banamex unit.

News of the deal comes on the same day as Scotiabank's agreement to purchase a 51 percent stake in Colfondos AFP, Colombia's fourth-largest pension fund with $9.25 billion in assets under management, also for an undisclosed sum.

Both the Colombian and the Mexican deals are subject to regulatory approval.

Source: MarketWatch