Colombia's Superintendencia Financiera approved the Davivienda-Scotiabank integration on November 24, 2025, prompting share structure changes and financial moves by both entities. Scotiabank reorganized its ownership, and Davivienda Group signed a US$500 million credit with Bank of Nova Scotia. These actions pave the way for merging operations in Colombia, Panama, and Costa Rica.
On November 24, 2025, Colombia's Superintendencia Financiera greenlit the integration of Scotiabank and Davivienda, bringing the regional market-strengthening proposal closer to reality. Scotiabank soon disclosed shifts in Grupo Mercantil Colpatria's share structure. Sellers including Mercantil Colpatria (22.4%), Vice Business Colombia (17.7%), Acciones y Valores Nuevo Milenio (2.08%), and Banderato Colombia (1.6%) transferred a total of 43.87% of shares. Buyers were Multiacciones, which took 38.8% to reach 94.8% overall, and Scotia Colombia Holdings with 5%. The ultimate beneficiary is The Bank of Nova Scotia, now holding 99.88% indirect control. The per-share price was $31.26.
Juan Pablo Vieira, CEO of JP Tactical Trading, stated that such integrations aim for control and reorganization toward concentrated ownership. "It cleans up the share structure," he said. He noted the 5% stake in Scotia Colombia Holdings ensures board representation, key votes, and regulatory compliance. This restructuring aligns with the integration approval, streamlining operational and accounting aspects.
Javier Suárez, CEO of Davivienda Group, remarked: "Davivienda Group is the holding that frames Davivienda's businesses and serves as the vehicle to receive Scotiabank's operations in Colombia, Panama, and Costa Rica." The shareholders' assembly approved the changes with 99.88% favorable votes, and six board members resigned that day.
On November 25, Davivienda Group signed a credit agreement with Bank of Nova Scotia for US$500 million, acting as guarantor and co-debtor alongside subsidiaries in Colombia and Central America. The funds will support working capital and general corporate purposes, with a maximum term of two years from the first drawdown. Interest is tied to the three-month Term Sofr rate plus an agreed margin, with principal amortization at term's end.