Scotiabank in its agreement to transfer banking operations in Colombia, Costa Rica and Panama Scotiabank in its agreement to transfer banking operations in Colombia, Costa Rica and Panama

On December 1, 2025, Scotiabank and Davivienda announced the closing of the previously announced transaction to transfer Scotiabank’s banking operations in Colombia, Costa Rica, and Panama to Davivienda. The combined operations of both institutions will operate under a new holding company, Davivienda Group.

As previously announced on January 6, 2025, Scotiabank entered into an agreement with Davivienda providing for the transfer of the above referenced operations in exchange for an approximate 20% ownership stake in Davivienda Group.

Davivienda Group will leverage Scotiabank’s global experience and Davivienda’s local expertise in the region, built on a differentiated client approach and innovation. As part of the integration, Davivienda Group will introduce a transitional brand, DAVIbank, for Scotiabank’s former operations in Colombia and Costa Rica. In Panama, they will operate under the Davivienda brand.

Osler, Hoskin & Harcourt LLP advised Scotiabank with a team led by (Ricco) A. S. Bhasin, and including Alexandra Alacchi, Ben Fickling, Katharine Li, Matthew Barker (Corporate), Desmond Lee, Jason Comerford (Capital Markets), Patrick Marley, Sean Timlick (Tax), Richard Borins, Elizabeth Sale, Charlotte Chien (Financial Services), Ted Liu (Technology), and Lauren Tomasich (Disputes).