Canadian lender Scotiabank has completed the acquisition of Citigroup’s consumer and commercial banking operations in Costa Rica and Panama.
The $360m deal, announced in July 2015, includes the transfer of 21 branches, 88 ABMs and 4 service centres that cater to over 250,000 consumer and commercial banking customers.
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Scotiabank said that the takeover will triple its customer base in Panama and Costa Rica to 387,000 from about 137,000.
The bank further said that in order to comply with local legislation, the acquired operations will remain separate during the integration process and will operate under the name ‘Scotiabank Transformándose’.
Scotiabank group head of international banking Dieter Jentsch said: "These acquisitions align with our strategy to deepen relationships and increase relevance with our customers. These transactions complement our existing operations in Panama and Costa Rica."
