November 28, 2011
It's not often that a Colombian bank goes on the block, so when Bank of Nova Scotia stepped into the highly competitive auction for a majority stake in Banco Colpatria Red Multibanca Colpatria SA, it turned to the legal and financial advisers with which it shares a long history.
Bank of Nova Scotia, or Scotiabank, increased its presence in the sought-after Colombian market, agreeing on Oct. 20 to acquire a 51% stake in Banco Colpatria for about $1 billion in cash and stock from Bogotá, Colombia-based conglomerate Mercantil Colpatria SA, which will retain 49%. The deal is expected to close in December.
Torys, which has provided counsel for Scotiabank on transactions worldwide, assembled a team of Toronto- and New York-based lawyers for the Banco Colpatria acquisition, including Ian Arellano, Daniel Raglan, Andrew Beck, Glen Johnson, Blair Keefe, Peter Keenan, John Laskin, Daniel Logan and Conor McCourt.
Torys counselled Scotiabank on the Uruguayan, Colombian and Chilean deals and on its September 2010 acquisition of Dresdner Bank Brasil SA, which has $400 million in assets, from Commerzbank AG, for an undisclosed sum.
Torys' relationship with Scotiabank extends beyond Latin American transactions: The law firm counselled the bank on its $735 million purchase of a 19.99% stake in China's Bank of Guangzhou Co. Ltd. in September, ahead of the Chinese bank's planned initial public offering.