On January 6, 2025, Scotiabank agreed to transfer its banking operations in Colombia, Costa Rica, and Panama to Davivienda, receiving a 20% equity stake in the combined entity. Mercantil Colpatria also sold its interest in Scotiabank Colpatria as part of the deal. Scotiabank recorded an after-tax impairment loss of CAD 1.4 billion and expects additional losses of CAD 0.3 billion at closing.

The transaction, supporting Scotiabank’s focus on core markets, includes a mutual referral agreement for Corporate, Wealth, and Global Banking services. Completion is expected within 12 months, pending regulatory approvals.