Scotiabank completes the acquisition of Citibank’s Consumer and SME operations in Colombia

TORONTO – Scotiabank announced today that is has completed the acquisition of Citibank Colombia’s consumer (retail and credit cards) and small and medium enterprise (“SME”) operations through Scotiabank Colpatria S.A. (the “Bank”), its Colombian subsidiary, effective June 30, 2018. This announcement comes after the transaction received regulatory approval on June 18, 2018.

This acquisition will enhance the Bank’s strategic position by making it the market-leader in credit cards, increasing its scale in Colombia through the addition of more than 500,000 new customers and expanding its ability to greater serve the country’s premium banking segments supported by Scotiabank’s Global Wealth Management network.