Scotiabank Receives All Regulatory Approvals for Transfer of Colombia, Costa Rica and Panama Operations to Davivienda

Scotiabank announced on 24 November 2025 that it has received all necessary regulatory approvals for the transfer of its banking operations in Colombia, Costa Rica, and Panama to Davivienda, the Colombian financial institution. The completion of the approvals process across three jurisdictions clears the final regulatory hurdle for a transaction that will see those operations consolidated under a new Davivienda Group holding entity, with Scotiabank receiving an approximately 20% ownership stake in Davivienda Group in exchange.

The Canadian lender has historically maintained a wide network across the region, but its leadership has articulated a strategic intent to concentrate capital and management attention on markets where it holds leading positions with deeper commercial relationships.

OPERATIONS TO MOVE UNDER DAVIVIENDA HOLDING ENTITY

The regulatory approval process required clearance from the relevant supervisory authorities in each of Colombia, Costa Rica, and Panama. The Scotiabank announcement did not specify a formal legal closing date beyond confirming that all approvals had been received.

Scotiabank confirmed the development in a statement published on 24 November 2025.