PANAMA CITY, Dec 8, 2025 (PBI) – Davivienda Group has officially closed its acquisition of The Bank of Nova Scotia’s (BNS) operations in Colombia, Costa Rica, and Panama, marking a transformative expansion that reshapes the competitive landscape for the “Multilatino” banking sector.

The transaction sees Scotiabank transition from an operator to a major shareholder in the regional group. To fund the deal, Davivienda Group issued 123 million new shares—comprising 65.3 million common and 57.6 million preferred shares—to Scotia Colombia Holdings Inc. As a result, the Canadian banking giant now holds a 20.3% equity stake in the Davivienda holding company.

The “DAVIbank” Rollout and Panama Integration

The integration strategy varies by jurisdiction. In Colombia and Costa Rica, the acquired entities will initially operate independently under a newly created brand, DAVIbank. This brand is designed to bridge Scotiabank’s global institutional pedigree with Davivienda’s regional retail and commercial expertise.

In Panama, however, the integration is immediate. Banco Davivienda Panamá has absorbed the assets and liabilities of Scotiabank Panamá, unifying all operations under the Davivienda brand. The bank confirmed that all digital and physical channels remain fully operational, with no additional paperwork required from existing Scotiabank clients.

To lead this unified entity, the group has appointed Joanna Crooks as Executive President of Davivienda Panamá. Crooks brings nearly two decades of experience in international finance, specifically leading complex regional operations across Central America and the Caribbean.

“I assume this role with great enthusiasm,” Crooks stated. “Our focus will be on enriching the lives of Panamanians and supporting business development, ensuring our clients receive the high-standard service they deserve.”

Financial Impact and Market Share

The acquisition significantly scales Davivienda’s balance sheet. Based on proforma data from September 2025, the Group’s total assets are projected to reach approximately COP 261.5 trillion (roughly USD 65 billion), representing a 37% increase. Total equity is expected to rise by 39% to COP 23.2 trillion.

The merger provides a substantial boost to market presence across the three nations:

• Colombia: 18.5% market share in total loans.
• Costa Rica: 12.7% market share in total loans.
• Panama: 3.8% market share in total loans.

Furthermore, the Group anticipates an improvement in its Tier 1 capital (CET1) ratio of between 20 and 30 basis points, signaling a more robust solvency profile following the integration.

Strategic Outlook

Javier Suárez, President of Davivienda Group, characterized the closing as a milestone in the organization’s 53-year history. “This strengthens our vision as a global Multilatino entity with a greater capacity for execution, innovation, and value creation for both clients and investors,” Suárez said.

The company’s first consolidated financial statements including the former Scotiabank operations will be released for the period ending December 2025. Meanwhile, Davivienda’s preferred shares remain listed on the Colombia Stock Exchange under the tickers PFDAVIGRP and PFDAVVNDA.

Resources:

• Corporate Announcement: Access the full Davivienda Group Press Release here.