The integration between Citibank - Colombia SA and the local Scotiabank unit Banco Colpatria Multibanca Colpatria SA could start as soon as this month following the expected authorization by Colombia's financial regulator, La República reported, citing unnamed sources.
In January, the deal was announced which sees Colpatria acquire Citi's local consumer business and small and medium enterprise operations. The country's financial superintendent is expected to green-light the deal in June or July, "Colpatria sources" told the paper.
Colpatria estimates it will take around 12 months to 18 months to integrate the operations of the two banks, the report said, noting that issues such as the naming of the new entity and its branding still need to be ironed out.
