A Scotiabank subsidiary in Colombia is acquiring the consumer operations of Citibank in that country, the bank announced Wednesday.

Banco Colpatria reached an agreement to acquire the consumer and small and medium enterprise operations of Citibank in Colombia, subject to regulatory approval. The transaction is not financially material to Scotiabank, a press release said.

“We’re excited about this acquisition because it will allow us to serve new customers in Colombia, and it is in line with Scotiabank’s strategy to increase scale within the Colombian banking sector, as well as the other Pacific Alliance economies of Mexico, Chile and Peru,” said Nacho Deschamps, group head of international banking and digital transformation at Scotiabank, in a release.

Citibank’s operations in Colombia include 47 branches and 424 self-service access points across the country. The acquisition will enhance Banco Colpatria’s strategic position by making it the market leader in credit cards, increasing its scale in Colombia through the addition of more than 500,000 new customers and expanding its ability to greater serve the country’s premium banking segments supported by Scotiabank’s Global Wealth Management network, the release said.

Also read:

Scotiabank’s Q4 profit up 3%

Canadian credit and debit spending up 5%: report