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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.

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Welcome , today is Sunday, 2018/01/21