Scotiabank says it has completed Citi deal

Scotiabank said Monday that it has completed its purchase of Citigroup in Costa Rica and Panamá, and that the period of integration for the two entities would take from two to three years.

The deal had been announced in July.

Scotiabank said the transaction is valued at $360 million and that it has acquired some 250,000 new customers. The bank also gets 21 branch offices, 88 automatic teller locations and four service centers. Including its current customers, Scotiabank said that it would be servicing  387,000 persons because the transaction triples its client base.

Scotiabank came to Costa Rica in 1995 and now has 34 branches and about 110,000 customers, it said.

For legal reasons, the names on the branches will not be changed immediately, Scotiabank said.

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