Four firms instructed on Colpatria´s acquisition of Citi´s Colombian consumer business

PPU in Bogota and Torys in Toronto advised the buyers while Citi instructed Skadden and Brigard & Urrutia.

Colpatria is one of Colombia’s largest financial companies. Since 2012, Scotiabank owns 51% of Colpatria. 

Citi has approximately 200 million customer accounts in more than 160 countries and jurisdictions. The multinational bank has operated in Colombia for over 100 years and is now selling its consumer banking and consumer brokerage businesses to Scotiabank. The value of the deal was not disclosed. 

Since 2014, Citi has divested its assets in Argentina, Brazil, Central America, Colombia and Panama, as part of a global refocusing towards corporate banking.

Philippi Prietocarrizos Ferrero DU & Uría acted as Colombian counsel to Scotiabank and Colpatria, advising the banks on the negotiation and drafting of the asset purchase and license agreement, both from a corporate, tax and regulatory perspective, in the regulatory and antitrust approval and in the closing of the transaction. Partners Martín Acero, Claudia Barrero and Diego Cardona led the PPU team.. 

Scotiabank instructed a team at Torys led by partner Konata Lake in Toronto. 

The sellers, Citi, called upon Skadden in New York and a team at Brigard & Urrutia fronted by partner Sergio Michelsen.