This alliance represents a strategic advance in Davivienda’s positioning in the region, maintaining Scotiabank’s global experience by becoming a shareholder of Davivienda. The agreement will allow Davivienda to bring an innovative and competitive value offering with a global vision to the Latin American markets where it operates. With the integration of Scotiabank’s businesses, Davivienda’s total assets are projected to reach approximately US$59.7 billion dollars, representing an increase of nearly 40%. In regional terms, assets would increase by around 30% in Colombia, 90% in Costa Rica, and 180% in Panama.

Latham & Watkins LLP represents Davivienda in the transaction with a corporate deal team led by partners Tony Del Pino and Carlos Ardila, with assistance from Mapi Villanueva* and Catalina Ucros Tellez. Advice was provided on intellectual property matters by partner Jeff Tochner and associate Sebastian Moss; on capital markets matters by partner John Slater, with associate Angel Marcial; on tax matters by partners Alan Kimball and Eric Kamerman; on disputes related matters by counsel Santiago Bejarano; on bank regulatory matters by partner Arthur Long; on labor matters by counsel Laura Waller and Laura Szarmach; on compliance matters by partners Joseph Bargnesi, Kevin Chambers, and counsel Andrew Galdes, with assistance from associates Matthew Gregory and Eric Green; and on data privacy matters by counsel Robert Brown.