Canada’s Scotiabank has completed the purchase of 51% of Colombia’s Banco Colpatria in a deal worth $1 billion in total.
The acquisition, announced in October, means that Scotiabank will be the majority stakeholder in return for $500 million in cash and $10 million Scotiabank shares.
Colombian President Juan Manuel Santos commented on the purchase, saying “The presence of the new investor … translates into more production and in more employment, in more prosperity for Colombians.”
Several Canadian companies, especially in the energy and mining sector have interests in Colombia. In relation to this, the head of state said “I very much celebrate the fact Canada believes in Colombian as we believe in Canada.”