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May 25, 2015updated 04 Apr 2017 12:51pm

Scotiabank considers bid for Citigroup Central America units – report

Bank of Nova Scotia (Scotiabank) is reportedly considering a bid for Citigroup’s consumer-banking units in Costa Rica and Panama.

Bank of Nova Scotia (Scotiabank) is reportedly considering a bid for Citigroup’s consumer-banking units in Costa Rica and Panama.

Citigroup’s Central America businesses have been valued at about $1.1bn by the deal, reported Bloomberg.

The publication said that an agreement may not be reached although Scotiabank is performing due diligence on the assets.

The acquisition of the Costa Rica and Panama businesses is expected to be the second such deal signed between the banks in six months.

In December 2014, Scotiabank has unveiled plans to buy the retail and commercial banking operations of Citibank in Peru, a deal that was completed this month and included eight branches and about 130,000 customers.

Earlier this year, Citigroup was in talks to divest its retail businesses in Central America to Spain-based Banco Popular Espanol. The sale would have included operations in Costa Rica, Panama, El Salvador, Guatemala, and Nicaragua.

However, the talks broke off in March 2015 as it did not fit with the Spanish bank’s strategy.

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