Davivienda Panama is a bank that connects Central America and Colombia, enabling the support for company growth while providing people with a value proposition distinguished by its close, timely, and exceptional service, said Javier Suárez, president of Davivienda Group. As part of the aforementioned transaction, Scotiabank acquires a 20% stake in Davivienda Group. The integration of Scotiabank’s operations in Panama and Banco Davivienda marks a historic event in the Panamanian financial system; both personal and corporate clients, investors, and small and medium-sized enterprises will receive greater benefits and an expanded range of financial solutions. Davivienda customers will enjoy a more robust offering that includes, among other advantages: greater ATM coverage and an expanded branch network for withdrawals, money management, and banking transactions; a portfolio of credit cards to access a world of benefits with special discounts at a wide network of partner businesses; and global financial capabilities to boost their international operations. Furthermore, the International Finance Corporation (IFC) finalized a $150 million investment to acquire 7.09% of Holding Davivienda Internacional SA, strengthening its operations in Central America and its sustainable financing strategy, especially for women-led SMEs and climate projects. At a press conference, the appointment of Joanna Crooks as CEO of Davivienda was also announced. She has more than 19 years of experience in the international financial sector and has led highly complex regional operations in Central America and the Caribbean. With this merger, the group reaches more than 29 million customers in the region, and its assets exceed $60 billion, equivalent to a growth of approximately 37%.
