Bank of Nova Scotia has signed a deal to buy Royal Bank of Scotland's wholesale banking operations in Colombia, a rare entry into the country for a Canadian financial institution.
The deal is not material to Scotiabank and its price was not disclosed. It still requires approval from regulators.
The business that Scotiabank is picking up offers deposit, lending, and capital market products to corporate and commercial customers in Colombia.
Royal Bank of Scotland led a consortium that launched the world's largest banking takeover, that of Dutch-based ABN Amro, just before the banking crisis hit. The bank went on to receive a hefty bailout from the British government and has been parcelling off pieces of itself in a bid to satisfy both competition regulators and its shareholders.
Scotiabank's head of international banking, Rob Pitfield, said the acquisition "complements our strategy of investing in high-growth markets where we anticipate increased demand for financial services."