Mercantil Colpatria divested its 43.9% stake in Scotiabank Colpatria to focus on its core operations amidst a regional banking consolidation involving Davivienda and The Bank of Nova Scotia.

Target Information

Mercantil Colpatria recently sold its 43.9% stake in Scotiabank Colpatria, with Landmark Alantra acting as the financial and strategic advisor for this transaction. This sale was aligned with the regional business combination announced in January 2025, involving Davivienda and the operations of The Bank of Nova Scotia (BNS) in Costa Rica, Panama, and Colombia. As part of this deal, BNS acquired a 20.3% stake in Davivienda Group S.A., while Mercantil Colpatria divested its remaining minority interest in Scotiabank Colpatria.

Prior to the transaction, Scotiabank Colpatria was recognized as the seventh largest bank in Colombia based on total assets. The institution is well-established in the credit card market and has a significant presence among small and medium-sized enterprises (SMEs). Notably, in 2012, Grupo Mercantil Colpatria had sold a 51% stake in the entity to BNS, further illustrating its long-term strategic relationship with the bank.

Industry Overview

The banking industry in Colombia is characterized by a competitive landscape, with several key players striving for market leadership. The sector has seen substantial growth over the years, driven by increasing consumer dem