Latham & Watkins Advises Davivienda in Combination With Scotiabank

Banco Davivienda announced that it has signed an agreement with The Bank of Nova Scotia (Scotiabank Canada) to integrate Scotiabank’s operations in Colombia, Costa Rica, and Panama into Casita Roja. Under the agreement, Scotiabank will become an approximately 20% shareholder of Davivienda as well as participate in its Board of Directors.

This alliance represents a strategic advance in Davivienda’s positioning in the region, maintaining Scotiabank’s global experience by becoming a shareholder of Davivienda. The agreement will allow Davivienda to bring an innovative and competitive value offering with a global vision to the Latin American markets where it operates. With the integration of Scotiabank’s businesses, Davivienda’s total assets are projected to reach approximately US$59.7 billion dollars, representing an increase of nearly 40%. In regional terms, assets would increase by around 30% in Colombia, 90% in Costa Rica, and 180% in Panama.

Latham & Watkins LLP represents Davivienda in the transaction with a corporate deal team led by partners Tony Del Pino and Carlos Ardila, with assistance from Mapi Villanueva* and Catalina Ucros Tellez. Advice was provided on intellectual property matters by partner Jeff Tochner and associate Sebastian Moss; on capital markets matters by partner John Slater, with associate Angel Marcial; on tax matters by partners Alan Kimball and Eric Kamerman; on disputes related matters by counsel Santiago Bejarano; on bank regulatory matters by partner Arthur Long; on labor matters by counsel Laura Waller and Laura Szarmach; on compliance matters by partners Joseph Bargnesi, Kevin Chambers, and counsel Andrew Galdes, with assistance from associates Matthew Gregory and Eric Green; and on data privacy matters by counsel Robert Brown.

*Admitted to practice in Spain.