Scotiabank and Davivienda receive regulatory approvals for transfer of Scotiabank's banking operations in Colombia, Costa Rica and Panama

Executive Summary

• Scotiabank and Davivienda have received all required regulatory approvals to complete the transfer of Scotiabank’s banking operations in Colombia, Costa Rica, and Panama to Davivienda.
• The transferred assets will be held under a new holding company, Davivienda Group, with Scotiabank receiving an approximate 20% ownership stake in the combined entity.
• The transaction enables Scotiabank to exit these markets while maintaining a strategic equity interest, and both banks will cooperate to ensure a smooth transition for clients and employees.

Key Details

• All necessary regulatory approvals have been secured as of November 24 2025 for the cross‑border transfer.
• The agreement, originally announced on January 6 2025, provides Scotiabank with an ≈20% equity stake in Davivienda Group in exchange for its banking operations in the three countries.
• Operations to be transferred include retail, commercial, and wealth‑management activities previously conducted by Scotiabank in Colombia, Costa Rica, and Panama.
• Post‑transfer, the combined businesses will operate under the Davivienda Group holding company structure.
• Both institutions have committed to a coordinated transition plan aimed at minimizing disruption for customers and staff.

Notable Quotes

(No direct quotes were included in the release.)