TORONTO AND BOGOTA, Dec. 19, 2012 /CNW/ - Scotiabank today announced it has completed the acquisition of a 51 per
cent stake in Colfondos AFP, Colombia's fourth largest pension fund
company, having received all necessary approvals. Mercantil Colpatria
retains 49 per cent ownership in the firm. The terms of the transaction
are not financially material and were not disclosed.
"Expansion in Latin America is a strategic priority for Global Wealth
Management and we chose Colfondos because of its history of success and
scale in the market," said Chris Hodgson, Scotiabank's Group Head of
Global Wealth Management. "Scotiabank brings its proven experience and
global capabilities to continue the growth and expansion of this
business along with our partners at Mercantil Colpatria."
Colfondos, with US$9.7 billion in Assets Under Management, has grown its
presence to 27 offices in 20 cities across Colombia and 1,100 employees
since it was founded in 1991. In 2009, Mercantil Colpatria acquired a
majority stake in Colfondos.
Scotiabank also operates pension fund company Profuturo AFP in Peru,
which it acquired in 2008, and Scotia Crecer AFP in the Dominican
Republic, which it acquired in 2007.
Scotiabank in Colombia
Scotiabank entered the retail banking market in Colombia with the
purchase of a 51 per cent stake in Banco Colpatria in January of 2012.
Scotiabank, through its Global Banking and Markets division, entered
Colombia in 2010 with the acquisition of the wholesale banking
operations of RBS.
Scotiabank in Central & South America
Scotiabank has had a presence in Central and South America for more than
Scotiabank has operations in 13 countries in Central and South America:
Peru, Chile, Panama, Brazil, Uruguay, Costa Rica, Guatemala, Colombia,
El Salvador, Guyana, Nicaragua, Belize and Venezuela.
Scotiabank's international wealth management operations include a number
of asset management, insurance and full service brokerage businesses.
Through its Global Wealth Management division, Scotiabank also offers
private banking and trust services to high net worth clients worldwide.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 81,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. In December 2012, Scotiabank became the first
Canadian bank to be named Global Bank of the Year and Bank of the Year
in the Americas by The Banker magazine, a Financial Times publication.
With assets of $668 billion (as at October 31, 2012), Scotiabank trades
on the Toronto (BNS) and New York Exchanges (BNS). For more information
please visit www.scotiabank.com.
For further information:
For media enquiries: Paula Cufre, Scotiabank Media Relations, 416-866-4833, Paula.email@example.com