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Scotiabank Colpatria eyes wealth management, investment banking growth

Scotiabank Colpatria SA is looking to boost its wealth management and investment banking operations in Colombia as part of Canadian parent company Bank of Nova Scotia's strategy to expand its business in the countries that form the Pacific Alliance trade bloc, Portafolio reported, citing Scotiabank Colpatria President Jaime Alberto Upegui.

In addition to Colombia, the Pacific Alliance trade bloc includes Chile, Peru and Mexico.

"Specifically in Colombia, we are working to become relevant by offering universal banking services," the executive said in an interview with the publication.

Scotiabank Colpatria aims to take advantage of the parent company's global presence to expand the range of investment options it offers. The bank is also focusing on strengthening its presence in the corporate segment, and plans to invest in technology to enhance its cash management services, according to the report.

Scotiabank Colpatria acquired Citibank - Colombia SA's consumer business and small and medium-sized enterprise operations earlier in 2018. It expects to fully integrate the acquired business by October 2019.

Separately, Scotiabank Colpatria plans to open two digital branches in the Colombian capital of Bogotá in the first half of next year, La República reported.