Scotiabank Buys RBS Wholesale Banking Unit (BNS, RBS)
Canada’s third largest bank, Bank of Nova Scotia (NYSE: BNS) has announced the purchase of the wholesale banking unit of RBS (NYSE: RBS) in Colombia. The acquisition is likely to help Scotiabank (BNS) in increasing its presence in Latin American markets. Bank of Nova Scotia is already functional in several Latin American countries including Panama, Venezuela and Brazil.
Mike Durland, co-chief executive officer and group head of global capital of Scotia Capital, said, “Colombia is the fifth-largest market in the region, and we look forward to the opportunity to serve new corporate clients in this country or those seeking to invest here.” Royal Bank of Scotland's (RBS) operations in Colombia offer loan, deposit and capital market products.
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