Scotiabank to acquire Citibank's consumer and small and medium enterprise operations in Colombia

Torys acted as counsel to Scotiabank with a team that included Michael Akkawi, Konata Lake and Lynn Khazzam (corporate/M&A).

On January 31, 2018, Scotiabank announced that its Colombian subsidiary, Banco Colpatria Multibanca Colpatria S.A. ("Banco Colpatria"), reached an agreement to acquire the consumer (retail and credit cards) and small and medium enterprise operations of Citibank in Colombia, subject to regulatory approval.

Citibank's operations in Colombia include 47 branches and 424 self-service access points across the country.

Banco Colpatria is Colombia's fifth largest banking group (consumer loans, home loans, and companies and SMEs) and sixth in deposits (savings, current and fCDT accounts), serving individuals and the business sector with its presence in 38 cities, $13 billion in assets, a network of 175 offices and more than 370 ATMs.

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific.

Further information can be found on Canada Newswire's website.