Scotiabank and Davivienda receive regulatory approval for deal

Scotiabank says it has received all of the required regulatory approvals for its deal to sell its banking operations in Colombia, Costa Rica and Panama to Davivienda.

The Canadian bank announced the agreement in January to swap the operations for a 20% stake in the Colombian financial institution.

The combined operations will operate under a new holding company, Davivienda Group.

They say they will work together to ensure a smooth transition for clients and employees.

In announcing the deal in January, Scotiabank said the move was part of its plan to improve profitability across its international banking operations.

The bank said the deal gives it the opportunity to participate in a business with a proven management team.

The Canadian Press

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