Scotia Buying RBS Colombia Assets

Scotiabank says it is acquiring RBS’ Colombian assets. While neither of the companies is disclosing a sale price, Colombia-based analysts who cover the local banking industry believe the deal could be valued at $50m-$100m. This deal represents Scotia’s first foray into the Colombian market. RBS’s presence in Colombia was not significant. Data from the local financial regulator show that it has less than a 0.25% market share by assets. RBS Colombia’s assets were around $247.80m at the end of 2009. RBS said in February 18 that it was in talks to sell this unit.