Scotiabank said that it has acquired Citigroup’s consumer and commercial banking operations in Costa Rica and Panama. The signing of these acquisitions was announced in July 2015 and the transactions are valued at approximately US$360 million.

The acquisitions triple Scotiabank’s customer base in Panama and Costa Rica from approximately 137,000 to 387,000.

The transactions include 21 branches, 88 ABMs and 4 service centres serving more than 250,000 consumer and commercial banking customers. Scotiabank and Citigroup will work together to ensure a smooth transition for customers and employees during the integration process, which should take 24-36 months.