TORONTO, July 3, 2018 /CNW/ - Scotiabank announced today that is has completed the acquisition of Citibank Colombia's consumer (retail and credit cards) and small and medium enterprise ("SME") operations through Scotiabank Colpatria S.A. (the "Bank"), its Colombian subsidiary, effective June 30, 2018. This announcement comes after the transaction received regulatory approval on June 18, 2018.

This acquisition will enhance the Bank's strategic position by making it the market-leader in credit cards, increasing its scale in Colombia through the addition of more than 500,000 new customers and expanding its ability to greater serve the country's premium banking segments supported by Scotiabank's Global Wealth Management network.

About Scotiabank in Colombia and Latin America

• Scotiabank is one of the largest global banks and Canada's most international financial institution.
• Scotiabank acquired 51% of Banco Colpatria in 2012.
• Scotiabank Colpatria, under the brand Colpatria Multibanca serves more than 3.5 million retail, corporate, and commercial customers.
• With this acquisition, Scotiabank Colpatria adds approximately 500,000 customers to its portfolio.
• Colfondos, Scotiabank's Colombian pension fund management company serves more than 2.7 million customers and has approximately $14.2 billion in assets under management.
• Scotiabank has been consistently investing across the Pacific Alliance countries, including opening new Digital Factories in Mexico, Peru, Chile and Colombia to create an ecosystem of innovation and accelerating its digital transformation.

About Scotiabank Colpatria
Scotiabank Colpatria is Colombia's fifth largest banking group (consumer loans, home loans, and companies and SMEs) and sixth in deposits (savings, current and CDT accounts).  It serves individuals and the business sector with its operations in 38 cities, $13 billion in assets, a network of 175 offices and more than 370 ATMs. It is recognized as a leader in credit cards (including co-branding cards) and has more than 15 years' experience in partnership with commercial establishments such as Cencosud, Codensa, Claro, Terpel, Yamaha, among others.

About Scotiabank
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, Europe and Asia-Pacific. We are dedicated to helping our 24 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 89,000 employees and assets of over $926 billion (as at April 30, 2018), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @Scotiabank.

About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. 

Citi Colombia's institutional business, which serves more than 1400 clients, has been recognized in industry polls for its performance in investment banking, foreign exchange, cash management services and trade finance, and has been recognized by Euromoney as top FX house for the past four years. It is also the leading bank in Custody for both Foreign and Local Clients, with a 95% and 70% of market share respectively.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

SOURCE Scotiabank