BNP Paribas Sells Panamanian Assets to Scotiabank

©image: Andrew Magill

The transaction must still be approved by the competent authorities, and could be completed by the third quarter of 2010. Terms of the transaction were not disclosed.

The transaction will optimally preserve employment locally and ensure that clients will continue to be provided with high-quality service. Scotiabank is Canada's most international bank and a premier multi-national financial institution. Scotiabank has offered personal and commercial financial services in Panama since 1974, the Cayman Islands since 1968 and The Bahamas since 1956. This transaction will make Scotiabank one of the largest wealth management providers in Panama.

Source: BNP Paribas

More on this topic

BNP Paribas Sells Panamanian Operations

September 2009

The French bank announced the sale of its Panamanian operations, arguing political and strategic motives.

In addition to leaving Panama, where it operated for 57 years, the bank will also leave Costa Rica, Argentina and Uruguay.

"An anonymous source from the banking industry reported that BNP Paribas executives announced their staff that OECD's pressure weighed in their decision of selling Panama's operations", reported Prensa.com.

Scotiabank builds Latin presence with acquisition in Guatemala

May 2008

Scotiabank continued its advance in Latin America with the acquisition in Guatemala of Banco de Antigua. The only countries in Central America where the Canadian bank has still to establish a presence are Nicaragua and Honduras.

Along with Banco de Antigua, Scotiabank acquired some shares in the Dominican Republic's Banco de Ahorro y Crédito, plust an option to purchase Peru's Banco de Trabajo.

Panama: $76.250 million in banking assets

February 2009

Panama's International Banking Center recorded $76.250 million in assets by the end of 2008.

DialogoCiudadano.com publishes: "Olegario Barrelier, Banking Superintendent, spoke about the subject in his presentation 'Panama's Banking System: 2008 Performance and Challenges facing a New Economic Situation', to industry delegates and members of the press.

Scotiabank expands its Nicaragua presence

April 2008

Scotiabank has decided to expand its Nicaragua position by acquiring the remaining 49% of the shares of Financiera Arrendadora Centroamericana (Finarca) which it operates there.

Scotiabank bought all of the outstanding shares on April 1, after obtaining authorization from the office of Nicaragua's Superintendent of Banks and other Financial Institutions.