Citibank divests yet again in LatAm

Philippi Prietocarrizosa Ferrero DU & Uría (Colombia) has helped Scotiabank’s Colombian subsidiary acquire Citibank’s retail operations in the country.

Citibank relied on Skadden, Arps, Slate, Meagher & Flom LLP in New York and Washington, DC, and Brigard & Urrutia Abogados in Bogotá to sell its Colombian consumer banking and small and medium enterprise operations.

It is thought Torys LLP also advised the purchaser, but this was not confirmed prior to publishing.

The deal was announced on 31 January and is subject to regulatory approval.

The transaction enables Scotiabank to expand its presence in Colombia. The bank wants to increase its scale in the Colombian banking sector, as well as in other Pacific Alliance economies. It recently bought a majority stake in Chile’s BBVA for US$2.2 billion. Citibank announced plans to sell its consumer banking business in Latin America back in 2016. Since then it has closed divestments across the region, including in Brazil and Argentina.

Counsel to Scotiabank and Colpatria

Philippi Prietocarrizosa Ferrero DU & Uría (Colombia)

Partners Martín Acero and Claudia Barrero, and associates Cristina Rueda, Juan José Castaño and Diego Velandia in Bogotá

Counsel to Citibank

Skadden, Arps, Slate, Meagher & Flom LLP

Partners Paola Lozano, Stuart Finkelstein, Brian Krause, Erica Schohn and Julie Bedard, counsel Hilel Pohulanik and Andrew Woodard, international visiting professional Daniel Hernandez, and associates Tim Gaffney, Jay Cosel and Jordan Wall in New York; counsel Ken Kumayama in Palo Alto; and associate Page Griffin in Washington, DC

Brigard & Urrutia Abogados

Partners Sergio Michelsen, Carlos Fradique, José Romero and Lucas Moreno, directors Fernando Castillo and Andrés Hernández, and associates María Fernanda Sánchez, Natalia Gutierrez De Larrauri, Laura Ribero Díaz, Juan Eduardo Gómez, Nicolás Alonso, María Camila De Brigard and Mateo Vasquez in Bogotá


Latin Lawyer