Scotiabank completes sale of its 51% interest in AFP Colfondos

December 13, 2019

Torys represented Scotiabank with a team led by (Ricco) A.S. Bhasin and which included Na Fan and Brook Wong (corporate/M&A) and Andrew Silverman (tax).

On August 12, 2019, it was announced that Scotiabank and Mercantil Colpatria S.A. (“Mercantil Colpatria”), the main shareholders of Colfondos S.A. Pensiones y Cesantias (“AFP Colfondos”), reached an agreement to sell 100% of their interest in Colfondos to Administradora de Fondos de Pensiones Habitat S.A. (“AFP Habitat”) for COP 585 million (or US$170 million). Prior to the start of the transaction, Scotiabank owned 51% of Colfondos, while Colpatria owned 49%.

Scotiabank announced that it completed the sale of its 51% interest on December 13, 2019.

More on the transaction can be found here.

Colfondos is a Colombian pension fund manager.

AFP Habitat, controlled by Cámara Chilena de la Construcción through its branch Inversiones La Construcción (ILC), is one of the largest pension fund managers in Latin America.

Scotiabank is Canada's international bank and a leading financial services provider in the Americas.

Mercantil Colpatria, a member of the Colpatria Group, is a holding company dedicated to investment activities in real and financial sector, as well as activities in the construction, insurance and financial sector through its subsidiaries.