The Corporate and M&A team at Alemán, Cordero, Galindo & Lee, along with the Banking, Finance and Capital Markets team, advised Citigroup in the acquisition by Scotiabank of the banking and commercial operations of Citigroup’s 27 branches in Panama and Costa Rica. Through this acquisition, Scotiabank’s total number of clients in these two countries increased to nearly 400,000.
This sale is part of an extensive divestment strategy by Citigroup, announced in 2014, through which they plan to exit 11 countries around the world in order to simplify their business and focus on geographical areas with the highest potential for growth in consumer banking. In Panama, the transaction involved the sale of 100% of the shares of Banco Citibank (Panama), S.A.
Partners Arturo Gerbaud and Eloy Alfaro B., supported by associates Patricia Cordero and Rita Guardia, were in charge of this transaction.
Scotiabank is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia.
This acquisition is in line with Scotiabank’s strategy to increase scale within its footprint and complements its operations in Panama and Costa Rica. This transaction will provide a significant lift to the Bank’s market share in credit cards to approximately 18% in Panama and 15% in Costa Rica, ranking Scotiabank number two in both countries in this segment.
The acquisition almost triples Scotiabank’s customer base in these two countries from approximately 137,000 to 387,000, providing significant opportunities to leverage leading regional loyalty programs and key strategic alliances.
Citibank Corporate and Institutional Banking Business
Citibank has been operating in Costa Rica since 1968 and in Panama since 1904 and is continuing to operate in these countries with a focus on its Corporate and Institutional Banking Business, and International Wealth Management Services, capitalizing on its global presence and competitive leadership position in these segments.
Alcogal – Corporate Law Firm Panama
Alcogal, as a mergers and acquisitions law firm in Panama, advises public and private corporations, financial institutions, investment banks, and government entities from around the world on almost any type of transaction or corporate matter. Our lawyers in Panama take a very pragmatic approach to our client’s needs: we seek to add value in any and every facet of our client’s businesses
Are you looking for a corporate law firm Panama, contact us.