PANAMA CITY, Dec 8 (PBI) – Davivienda Group has finalized the integration of Scotiabank’s operations in Panama, marking the completion of one of the most significant banking mergers in the region this decade. The move follows successful regulatory approvals across Colombia, Costa Rica, and Panama, effectively positioning Davivienda as a heavyweight “Multilatino” player.

The transaction reshapes the Group’s capital structure and regional footprint. Under the terms of the deal, Scotiabank has acquired a 20% stake in Davivienda Group. Simultaneously, the International Finance Corporation (IFC) has injected USD 150 million to secure a 7.09% interest in Holding Davivienda Internacional S.A. This capital from the IFC is specifically earmarked to bolster sustainable financing, targeting climate-related projects and SMEs led by women.

Scale and Strategic Reorientation

The absorption of Scotiabank’s assets catapults Davivienda’s regional scale to new heights:

• Total Assets: Now exceed USD 60 billion, representing a 37% surge in the Group’s balance sheet.
• Customer Base: Expands to over 29 million clients across the region.
• Geographic Exposure: The Group’s asset distribution is now strategically consolidated with 70% in Colombia and 30% in Central America, reinforcing its commitment to the Panamanian and Costa Rican markets.

“Davivienda Panama is a bank that connects Central America and Colombia, allowing us to support corporate growth while offering a value proposition distinguished by exceptional service,” said Javier Suárez, President of Davivienda Group.

Leadership Transition in Panama

To spearhead the newly unified Panamanian operation, the Group has appointed Joanna Crooks as Executive President. Crooks, a veteran with over 19 years in international finance, has an extensive track record leading complex regional operations in the Caribbean and Central America.

“I assume this role with the goal of continuing to enrich the lives of Panamanians and the development of their businesses,” Crooks said during a press conference. “We will ensure our clients receive the best service and the care they deserve.”

Expanded Service Offering and SME Focus

For clients in Panama, the merger provides immediate access to an enhanced service infrastructure. Key benefits include:

• Infrastructure: A significantly larger ATM network and branch footprint for cash management and retail transactions.
• Wealth Management: A specialized team of Investment Advisors and Client Service Officers providing global-scale portfolio management.
• SME Incentives: The launch of the “Pyme Davivienda” debit card, offering 0% commissions for 90 days for new businesses and free regional transfers.
• Corporate Banking: Enhanced cross-border capabilities for multinational companies operating between South and Central America.

Operational Continuity

Davivienda emphasized that the transition will be seamless for former Scotiabank customers. All physical and digital channels, products, and services are functioning normally. The bank confirmed that clients are not required to perform any additional paperwork or administrative steps following the brand transition.

The first set of consolidated financial results reflecting the full absorption of Scotiabank is expected to be released in early 2026.