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Scotiabank seals partial acquisition of Banco Colpatria

Scotiabank will take a 51 per cent share in Banco Colpatria.

20 October 2011

Scotiabank has completed international business negotiations on a deal that will see it take a controlling stake in Banco Colpatria.

Under the terms of the agreement, the former will get a 51 per cent stake in the latter for $500 million (£317 million) and 10 million common shares in its firm.

It means Scotiabank - which is Canada's most international financial institution - will be able to increase its presence in Colombia.

Rick Waugh, president and chief executive officer of Scotiabank - an establishment that has history stretching back to the 1670s - noted he is happy to be partnering with a "well-established and well-regarded Colombian conglomerate".

He added the relative strengths of the two companies will be able to come together to create growth.

President of Mercantil Colpatria Eduardo Pacheco noted the transaction will allow his organisation to take advantage of Scotiabank's expertise in the field of risk and capital management.

Posted by David Gleck

Source: Scotiabank press release, October 20th

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