Scotiabank buys out Citigroup in Panama, Costa Rica

THE PURCHASE of Citigroup’s operations in Panama and Costa Rica. by Scotia Bank will position the Canadian bank in the number two spot in the credit card market, as well as  expanding its commercial bankinking business.

The amount of the acquisition  has not yet been revealed.and the deal still has to be approved by the Panama Superintendency of Banks.
“This acquisition is aligned with the strategy of Scotiabank to increase its scale and its presence in Panama and Costa Rica. The transaction will significantly increase the participation of the bank in the market of credit cards, reaching approximately 18 percent in Panama and 15 percent in Costa Rica, and positioning Scotiabank in second place in this segment in both countries,” said a press release
Scotiabank came to Panama in 1974. And currently has 27,000 customers, $2.7 billion in assets, 17 branches and 22 ATMs. It has 21 million customers worldwide, 86,000 employees and $837 billion in assets.
Citibank has operated in Panama since 1908.