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Scotiabank Is Expanding into Colombia

From:  Scotiabank bulks up in Colombia – The Globe and Mail.

Bank of Nova Scotia is expanding further in Colombia with the purchase of a majority stake in one of the country’s largest pension fund companies.

The deal, announced early Tuesday, will see Canada’s third-largest bank buy a 51-per-cent stake in Bogota-based Colfondos AFP for an undisclosed price.

“Expanding global wealth management’s footprint in Latin America is a strategic priority for Scotiabank and the acquisition of a majority stake in Colfondos will increase our regional presence in this segment,” Chris Hodgson, Scotiabank’s head of global wealth management, said in a statement. “We look to continue the growth and expansion of this business.”

The country is attractive for several reasons, including its infrastructure expansion and youthful population. Divided by mountain ranges, it lacks a national railway system and highway grid, but the government has pledged to begin constructing a modern transportation network. The country’s population of 45 million is also young, mostly urban and provides ample room for the financial sector to grow.

Be sure you visit about and on our website!  Mar y Sol loves Colombia!

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Welcome , today is Sunday, 2018/01/21