Panama's financial system is undergoing a major transformation today with the formal integration of Scotiabank in Panama into Banco Davivienda. From this date, the institution fully adopts the operations, structure, and offerings of the Davivienda Group, consolidating a phase that expands the range of personal, business, and corporate banking services in the country. According to the official announcement, customers now have access to a strengthened operational platform with an extended ATM network, more service points, and an expanded product portfolio. The bank confirmed that all accounts, cards, transactions, and channels—both physical and digital—remain in regular operation without any additional actions required from users. As part of this process, the Board of Directors appointed Joanna Crooks as the new Executive President of Banco Davivienda Panama. With over 19 years of experience in international banking and a career in the Central American and Caribbean regions, Crooks assumes leadership of this new institutional stage. During the public presentation, she stated that the goal is to continue consolidating a responsible, customer-oriented financial service aligned with the needs of the Panamanian market. The integration of operations is part of a regional move in which Davivienda also took over Scotiabank's units in Costa Rica and Colombia. As a result, the financial group now has over 29 million customers and assets exceeding 60 billion dollars, representing an approximate growth of 37%. The asset distribution is set at 70% for Colombia and 30% for Central America. Another key component of the process is the investment made by the International Finance Corporation (IFC), which acquired a 7.09% stake in Holding Davivienda Internacional S.A. for 150 million dollars. This investment aims to strengthen operations in Central America and promote sustainable financing, with a special focus on small and medium-sized enterprises led by women, as well as climate projects. Direct benefits for clients in Panama The bank detailed some improvements already available for personal and business users: an extended network of ATMs and branches; an expanded portfolio of credit cards with commercial benefits; corporate services with greater international reach; a Pyme debit card with 0% fees for 90 days for new enrollments; free regional transfers and payroll management facilities; a specialized wealth management unit for asset management. With the definitive incorporation of the Davivienda brand in the country, Panama now has a major regional financial player with a reinforced structure, greater liquidity, and new operational capabilities. This officially marks a significant chapter for the national banking sector, with a direct impact on competitiveness, product offerings, and the strategic outlook for financial services for the years to come.
