Scotiabank Unit To Buy Consumer, Medium Enterprise Opns. Of Citibank In Colombia

(RTTNews) - Scotiabank (BNS.TO) announced that its Colombian subsidiary, Banco Colpatria Multibanca Colpatria S.A., has 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. The agreement also includes the assumption by Banco Colpatria of Citibank's workforce.

Scotiabank and Mercantil Colpatria will invest proportionately to maintain their existing ownership levels in Banco Colpatria. Scotiabank's common equity tier one capital ratio will be impacted by less than 10 basis points. The transaction is not financially material to Scotiabank.