The Canadian bank remains a minority shareholder and is part of a referral agreement that allows continued access to global products. This transaction also generated new leadership; Joanna Crooks was introduced as the executive president of Davivienda in Panama.
Direction of the Integrated Operation The statements from Suárez and Crooks describe a strategy supported by expanding capabilities resulting from integration, the group's regional reach, and a reinforced focus on transactional, corporate, and SME banking. Crooks explained that the immediate purpose is to make an expanded offer available to all clients—Davivienda's and those from Scotiabank—from day one.
On a consolidated pro-forma basis, assets reach US$66.6 billion, with a 37% increase and a customer base exceeding 29.6 million. Specifically in Panama, according to figures from the Panama's Superintendency of Banks, Davivienda reported consolidated assets of US$2.15 billion and Scotiabank US$3.792 billion as of September, totaling US$5.942 billion. This elevates the bank from 18th to 8th place in Panama's list of banks by assets, where the top two, Banco Nacional de Panamá (Bac) and Banco General, have assets of US$39.822 billion and US$8.5 billion, respectively.
Suárez also highlighted that the bank's physical presence expands immediately: “The ATM network multiplies by seven, and we become a player with a relevant presence in the local financial system.” The combined regional operation, what was Scotiabank plus what Davivienda contributes, amounts to approximately US$5 billion in assets and around US$3.5 billion in the loan portfolio, in addition to a workforce of nearly 900 people. “We are complementing each other… the combination will be that we serve all clients, and we have expertise for all segments,” he added.
Suárez pointed out that the integration allows for a joint proposal for corporate clients, combining Scotiabank's track record with multinationals and Davivienda's regional capabilities.
Panama's Position in the Financial Group Rises The integration of Scotiabank's operations with Davivienda has elevated Panama's position within the financial group. “The Scotiabank brand is replaced, it is absorbed by Davivienda… Clients who were with the old Scotiabank are now Davivienda clients,” affirmed Suárez. The infrastructure includes around 70 ATMs and 14 branches. In Panama, the Scotiabank brand ceases to operate. This occurs as the group prepares to invest US$250 million in the region.
“Panama's contribution to Davivienda's operations grows from around 3.5% to nearly 9%… and it is a percentage that we also believe will continue to grow,” stated Suárez confidently, despite the Panamanian market being highly competitive. The increase in relevance is backed by the new scale. Furthermore, the cooperation agreement with Scotiabank ensures the continuity of global products for those who require them.
Investment and Technology Plans At the regional level, Davivienda will execute investments of over US$250 million in technological developments and operational capabilities. This includes improvements to platforms, automation, and strengthening the digital offering. The group's expectation is that these advances will also be reflected in Panama, now with a greater weight within its structure and with an integrated operation that demands greater technological capacity.
Seamless Transition for Clients Crooks reiterated that clients do not need to carry out additional procedures during this process. These capabilities expand Panama's operational reach within the regional network. “They don't have to do absolutely anything… they will continue to access their online banking and call the same service center,” she noted, warning about the importance of ignoring messages requesting password changes and always verifying any communication through official channels. “We will immediately offer our clients access to all additional products… investment banking advice, a more robust offering for corporate banking, for SMEs, to facilitate their transactions,” she indicated. The executive also mentioned the unification of the card portfolio and the possibility of making free regional transfers thanks to the group's presence in six countries. According to the president of Davivienda Group, Javier Suárez, the country's share of the total operation increases from approximately 3.5% to nearly 9%.
