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....
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