Scotiabank’s Sale of its stake in Colfondos S.A. Pensiones y Cesantías

Posse Herrera Ruiz and Torys LLP advised on the deal

Scotiabank executed sale of its stake in the Colombian company Colfondos S.A. Pensiones y Cesantias, equivalent to the 51% of the participation in the Colombian company’s capital.

Colfondos AFP is a main player in the sector of pension management in Colombia. The transaction also involves the sale of the 49% stake of Mercantil Colpatria in Colfondos AFP.

The Bank of Nova Scotia provides retail, commercial, international, corporate, investment and private banking services and products. The company, led by Brian J Porter, Michael Zerbs and Daniel Moore, in 2018 recorded C$40.651 billion revenues.

Posse Herrera Ruiz advised Scotiabank with a team including Oscar Tutasaura (Picture), Juan Guillermo Ruiz, Lina Lineros, Isabel Torres and Pablo Fernandez.

In Canada, Torys advised Scotiabank with a team led by Ricco Bhasin and including Andrew Silverman, Brook Wong and Na Fan.

Involved fees earner: Pablo Fernández – Posse Herrera Ruiz; Lina Lineros – Posse Herrera Ruiz; Juan Guillermo Ruiz – Posse Herrera Ruiz; Isabel Torres – Posse Herrera Ruiz; Óscar Tutasaura – Posse Herrera Ruiz; (Ricco) A.S. Bhasin – Torys LLP; Na Fan – Torys LLP; Andrew Silverman – Torys LLP; Brook Wong – Torys LLP;

Law Firms: Posse Herrera Ruiz; Torys LLP;

Clients: Scotiabank;