|Acquisition of 51% of Banco Colpatria by Scotiabank|
ARIAS, FABREGA & FABREGA represented Colombia's Mercantil Colpatria SA, Banco Colpatria Multibanca Colpatria SA and its Panamanian branch Banco Colpatria Multibanca Colpatria SA, in connection with the acquisition of 51 percent of the shares of Banco Colpatria Multibanca Colpatria SA for US$1 billion, by the Bank of Nova Scotia, commonly known as Scotiabank.
ARIFA advised Mercantil Colpatria SA in both the restructuring of its Panamanian operations and corporate structure, and acquisition of the Banco Colpatria's Panamanian operations. Mercantil Colpatria SA, the parent of Banco Colpatria, retains 48.7 percent ownership in the bank.
The purchase will entail US$500m in cash and 10 million Scotiabank shares. The acquisition enables the Canadian financial institution to enjoy the prospect of significant growth opportunities in Colombia
About Banco Colpatria
ARIFA partners Estif Aparicio and María Carolina Arroyo, with associates Federico Alfaro, Karina Ureña and David Polo, participated in this transaction.