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Canada’s most international bank is expanding its influence in Latin America, making its first foray into retail banking in Colombia. The Bank of Nova Scotia has purchased a majority stake in Banco Colpatria, at a cost of $1 billion US.
Brian Porter, Group Head for International Banking at Scotiabank, tells BNN that unlike other banks, which are retreating to their home markets, Scotia views this as an opportunity which won’t be there forever.
“We have been building out our presence in Latin America and the one missing part from a [personal and commercial] perspective was Colombia,” he says.