This Monday, Banco Davivienda reported that it signed an agreement with The Bank of Nova Scotia (Scotiabank Canada) to integrate Scotiabank’s operations in Colombia, Costa Rica and Panama into the Casita Roja.
By virtue of this agreement, Scotiabank’s global experience will remain as it becomes a shareholder with approximately 20% of all Davivienda operations. and with
participation in its Board of Directors.
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The implementation of this agreement is subject to the approvals of the supervisors of
each of the jurisdictions that are expected to occur in the second half of 2025, as well
as well as the respective corporate approvals.
This is a new step in internationalization and consolidation of the Casita Roja as a
Global Multilatina organization that brings to the Latin markets where an offer of
world-class products and services.
The story
Since its beginnings in 1972 as a Savings and Housing Corporation and through various integrations that have led it to consolidate itself as an important institution, Davivienda has followed a path of innovation and constant evolution. First, as a leading entity in the mortgage offering, which in 2006 it complemented with retail banking through the purchase of Bansuperior. In 2007, after the acquisition of Bancafé, it became a universal bank, entering the agricultural, corporate and SME markets. In 2012 it took a step as a multi-Latin bank with the acquisition of HSBC operations in several Central American countries.
Thus, Davivienda has now signed an agreement with The Bank of Nova Scotia (Scotiabank Canada) to integrate Scotiabank’s operations in Colombia, Costa Rica and Panama into Casita Roja. This alliance represents a strategic advance in Davivienda’s positioning in the region, maintaining Scotiabank’s global experience by becoming a Davivienda shareholder. The agreements will allow Davivienda to bring to the Latin markets where it operates, an innovative and competitive value offer with a global vision.
With the integration of Scotiabank’s businesses, Davivienda’s total assets are projected to reach approximately US$60 billion, representing growth of close to 40%. In regional terms, assets would increase around 30% in Colombia, 90% in Costa Rica and 180% in Panama.
This operation strengthens Davivienda’s geographic diversification strategy, leaving 70% of the assets in Colombia and 30% in Central America.
Javier Suárez Esparragoza, president of Davivienda.
Courtesy
Today Davivienda and Scotiabank serve approximately 27.4 million clients in Colombia and Central America.
For corporate companies, integration allows a strengthening of the value offer, with access to global financial services, greater financing and strategic advisory capabilities for large projects.
With the integration of Davivienda’s expertise and Scotiabank’s global experience, SMEs will have access to a portfolio enriched with advanced tools in cash management and credit, with all the technological support to facilitate business sales.
Scotiabank’s experience in creating alliances in the credit card business is an opportunity to bring differentiated value to individuals and families in Colombia, Costa Rica and Panama. Likewise, Scotiabank’s experience of accessing credit to the base of the pyramid is an opportunity for Davivienda’s more than 22 million clients, given that it enhances the inclusion of credit in Latin markets.
For investor clients, this integration will strengthen the offer with unique opportunities in international markets, thanks to the execution of agreements with Scotiabank, which facilitates access to its global network.
Scotiabank Colpatria virtual banking.
Courtesy Scotiabank Colpatria
“This integration allows Davivienda to leverage the best of both organizations to offer clients innovative solutions that allow them to achieve their financial goals with access to a global value offering characterized by our attributes of being: simple, accounting and friendly. For Casita Roja it is a very important moment and we are excited because it allows us to take the step to being a Global Multilatina organization, bringing clients the best of the Latin world with an international vision. We are committed to this new stage in which we will continue developing the talent of our people, taking care of closeness, kindness and trust in our service,” said Javier Suarez, President of Davivienda.
He added that “we are excited to team up with Davivienda to offer our clients
unique solutions and value propositions by combining its outstanding history and presence in Colombia
and Central America, with the experience and global platform of Scotiabank,” said Francisco Aristeguieta,
Group Head of International Banking at Scotiabank. “The integration of our institutions
financial institutions in these markets creates relevant potential for our clients, thus building
a future full of opportunities for our talent, partners and shareholders.”
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