Transaction|October 20, 2011
Scotiabank announces acquisition of significant stake in Banco Colpatria
Torys acted as counsel to Scotiabank with a team that included Ian Arellano, Daniel Raglan, Jared Fontaine, Andy Beck, Adrienne DiPaolo, Glen Johnson, Blair Keefe, Peter Keenan, Konata Lake, John Laskin, Dan Logan, David Mattingly, Conor McCourt and Eli Monas.
On October 20, 2011, Scotiabank (TSX: BNS) announced it has agreed to pay US$500 million and 10 million common shares in the capital of The Bank of Nova Scotia in exchange for 51% of the common shares of Banco Colpatria. This transaction represents entering into a long-term partnership with Mercantil Colpatria that will allow Scotiabank to take advantage of the growth opportunities in Colombia. The transaction is subject to regulatory approval and will be accretive to earnings in fiscal 2012.
This transaction, valued at approximately US$1 billion, is anticipated to close by December, 2011. In the near future, Scotiabank will combine its wholesale business in Colombia into Banco Colpatria's existing operations.
The Bank of Nova Scotia is a diversified financial institution, offering a range of products and services, including retail, commercial, corporate and investment banking in 50 countries worldwide.
Banco Colpatria is Colombia's fifth largest financial group and one of the country's leading lenders with a positive track record of growth. The bank is the second largest credit card issuer in Colombia and offers commercial and consumer loans and home mortgages, with a network of 175 branches and 308 ATMs.
Further information can be found on Canada Newswire.
This transaction, valued at approximately US$1 billion, is anticipated to close by December, 2011. In the near future, Scotiabank will combine its wholesale business in Colombia into Banco Colpatria's existing operations.
The Bank of Nova Scotia is a diversified financial institution, offering a range of products and services, including retail, commercial, corporate and investment banking in 50 countries worldwide.
Banco Colpatria is Colombia's fifth largest financial group and one of the country's leading lenders with a positive track record of growth. The bank is the second largest credit card issuer in Colombia and offers commercial and consumer loans and home mortgages, with a network of 175 branches and 308 ATMs.
Further information can be found on Canada Newswire.