Finance
Scotiabank to Take $980 Million Charge on Colombia Unit Deal
- Canadian lender to take 20% stake in Bogota-based Davivienda
- About C$300 million in currency losses also expected
A Scotiabank branch in Toronto, Ontario, Canada.
Photographer: Galit Rodan/BloombergThis article is for subscribers only.
Bank of Nova Scotia agreed to transfer its operations in Colombia, Costa Rica and Panama to Banco Davivienda SA of Colombia, saying it will take an after-tax charge of C$1.4 billion ($980 million) as a result.
The Toronto-based bank has been evaluating the potential sale of a handful of under-performing assets in Latin America for more than a year, and the planned transaction “supports Scotiabank’s operational efficiency efforts in its noncore markets,” the company said in a statement Monday.