Without disclosing the amount of the transaction, the Canadian bank has announced the acquisition of Citigroup’s operations in personal and commercial banking in both countries.

From a statement issued by Scotiabank:

Scotiabank will acquire Citigroup’s personal operations and commercial banking operations in Panama and Costa Rica

SAN JOSE, July 14, 2015 – Scotiabank announced today that it has reached an agreement to acquire Citigroup’s personal and commercial banking operations in Panama and Costa Rica, subject to regulatory approval. The core category 1 capital ratio of Scotiabank will be affected by approximately 15 basis points.

This acquisition is in line with Scotiabank’s strategy to increase its scale and presence, complementing its operations in Panama and Costa Rica. This transaction will significantly increase the Bank’s participation in the credit card market, reaching about 18% in Panama and 15% in Costa Rica and positioning Scotiabank in second place in this segment in both countries.