Scotia picks up CentAm assets from Citi

Scotia picks up CentAm assets from Citi

Panama Central America Costa Rica M&A Bonds Canada

Scotiabank has agreed to buy Citi’s retail and commercial banking businesses in Costa Rica and Panama, the Canadian bank said on Tuesday. The deal follows a string of retail and commercial divestments by Citi in Latin America — including those in Peru, which Scotia also agreed to buy in December. Scotia did not disclose the value of either deal, but said the Central America acquisition would dent its common equity tier one capital ratio by 15bp, compared to less than 10bp with the Peru acquisiti

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