Scotiabank has reached an agreement to buy a 51 per cent stake in Colombia's fourth-largest pension fund company.
The bank did not disclose the terms of its transaction involving Colfondos AFP.
Scotiabank said Mercantil Colpatria will retain 49 per cent ownership in the firm. Mercantil Colpatria acquired a majority stake in Colfondos in 2009.
Anchor Fund and Linzor Capital Partners currently hold minority stakes in Colfondos and have agreed to sell them to Scotiabank as part of the transaction.
Scotiabank says the deal is in line with its goal of increasing its footprint in Latin America.
