The Corporate and M&A team at Alemán, Cordero, Galindo & Lee, along with the Banking, Finance and Capital Markets team, advised Citigroup in the acquisition by Scotiabank of the banking and commercial operations of Citigroup’s 27 branches in Panama and Costa Rica. Through this acquisition, Scotiabank’s total number of clients in these two countries increased to nearly 400,000.
This sale is part of an extensive divestment strategy by Citigroup, announced in 2014, through which they plan to exit 11 countries around the world in order to simplify their business and focus on geographical areas with the highest potential for growth in consumer banking. In Panama, the transaction involved the sale of 100% of the shares of Banco Citibank (Panama), S.A.
Partners Arturo Gerbaud and Eloy Alfaro B., supported by associates Patricia Cordero and Rita Guardia, were in charge of this transaction.
