Simpson Helps Scotiabank Buy Colombia Bank For $1B

Law360, Wilmington (October 20, 2011, 2:45 PM EDT) -- Bank of Nova Scotia will purchase for $1 billion a majority stake in Banco Colpatria Red Multibanca Colpatria SA, Colombia’s fifth-largest financial group, further solidifying its presence in Latin America, the Canadian bank said Thursday.

The purchase price includes $500 million cash and 10 million shares, to be exchanged for a 51 percent stake in the Colombian bank, Scotiabank said in a statement. Scotiabank intends to combine its wholesale operations in Colombia into Banco Colpatria’s current operations soon after the merger is finalized, the statement said....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.