Scotia Buys Colpatria Stake

Oct 21, 2011

Colpatria has agreed to sell a 51% stake to Canada’s Scotiabank in a transaction valued at around $1bn, putting an end to months of speculation over which foreign entity would lay claim to Colombia’s fifth largest financial group. It is thought to have paid a premium to expand its presence in Colombia, but it beat out other interest parties in a market with increasingly fewer M&A opportunities. Brazilian banking powerhouses Itau and Banco do Brasil were also heard expressing interest, but in the end Scotia took...

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