The RBSC platform offers deposit, loan and capital markets products to corporate and commercial customers in Colombia. It will be managed under the bank’s global wholesale banking initiative, which brings together the product and sectoral expertise of Scotia Capital with the specialized regional experience of international banking to deliver client coverage across five continents.
Rob Pitfield, head of international banking at Scotiabank Group, said: “Scotiabank has deep roots and a long history in the Caribbean, Central America and Latin America and we are proud to again grow our operations in this region. The acquisition of this operation complements our strategy of investing in high growth markets where we anticipate increased demand for financial services. Latin America is an increasingly important part of Scotiabank’s international strategy and we have built a strong and unique franchise by delivering superior service.
“The announcement marks Scotiabank’s introduction to the Colombian market enhancing an already unique Latin American footprint that includes Mexico, Belize, El Salvador, Panama, Costa Rica, Dominican Republic, Peru, Venezuela, Brazil and Chile.”
Mike Durland, group head of global capital markets and co-chief executive officer of Scotia Capital, said: “The agreement illustrates the kind of opportunity that the Scotiabank Group is uniquely positioned to support. We are an experienced wholesale bank with a long history in international markets, and our presence in Latin America gives us a competitive advantage as a partner for Colombia’s multinationals. Colombia is the fifth largest market in the region, and we look forward to the opportunity to serve new corporate clients in this country or those seeking to invest here.”
Russell Gibson, divisional head of RBS Latin America, said: “Scotiabank has ambitious plans for the Colombian market and that makes this an exciting opportunity for our staff and our customers. There will obviously be no change for some time while we await clearance from regulators for the sale to proceed, but we now have clarity on the next steps for our business in Colombia.”
Fabio Castellanos, country executive of RBS Colombia, said: “I would like to take this opportunity to pay tribute to our leadership team and all the staff who work in RBS Colombia. They have remained resolute in their focus on serving our customers during this period of uncertainty and I am confident will continue to do so as we transition to new owners in the months ahead.”
