By San José, Costa Rica — SAN JOSÉ – The Costa Rican financial sector witnessed a significant transformation today with the official launch of DAVIbank, the new brand replacing Scotiabank’s operations in the country. This rebranding marks the final step in the complete integration of the Canadian bank into the Colombian-based Davivienda Group, a move that reshapes the competitive landscape and expands service offerings for thousands of customers.
With this strategic transition, Davivienda Group now operates two distinct banking entities in Costa Rica: its established Davivienda bank and the newly christened DAVIbank. This dual-brand strategy effectively broadens the conglomerate’s footprint, creating a more extensive service network and enhancing its market coverage across various customer segments. The integration promises to blend the global operational expertise of Scotiabank with the localized, multiregional focus that defines the Davivienda brand.
To gain a deeper perspective on the legal and strategic ramifications of DAVIbank’s latest move in the national market, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a noted expert in corporate and banking law from the firm Bufete de Costa Rica.
DAVIbank’s move is not merely a technological upgrade; it’s a strategic repositioning within the Costa Rican financial ecosystem. From a legal standpoint, this expansion will be scrutinized for its adherence to SUGEF regulations, particularly concerning data privacy and cybersecurity protocols. The success of this initiative will ultimately depend on their ability to navigate this complex regulatory landscape while building consumer trust. It’s a high-stakes play that could redefine their market share.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
The expert’s insight correctly frames the situation not as a simple upgrade, but as a complex strategic maneuver where regulatory compliance and consumer trust are paramount. The true test for DAVIbank will indeed be in navigating the legal framework as adeptly as they deploy their new technology. We thank Lic. Larry Hans Arroyo Vargas for his valuable and clarifying perspective on these critical issues.
For former Scotiabank clients, the transition is designed to be seamless. Officials confirmed that all existing products, services, and digital channels will continue to function without interruption. Customers are not required to complete any additional paperwork or take any action to migrate their accounts. All debit cards, credit cards, and online banking credentials will remain fully operational under the new DAVIbank identity, ensuring continuity and minimizing disruption.
The unification brings immediate and tangible benefits. Customers now have access to a significantly larger, unified network of ATMs for fee-free cash withdrawals. Furthermore, the combined branch network allows for greater convenience, enabling clients to make payments on loans and credit cards at more locations nationwide. In a key digital enhancement, the commission-free limit for Sinpe Móvil transactions has been increased to ¢300,000, catering to the growing demand for frictionless digital payments.
The new entity is also making a concerted push into the small and medium-sized enterprise (SME) market. DAVIbank announced the launch of specialized services, including a new Pyme DAVIbank debit card and an attractive acquiring service for businesses, which offers a 0% commission rate for the first 90 days. This initiative signals a clear intent to support and empower the nation’s entrepreneurial backbone with competitive financial tools.
During the official announcement, Javier Suárez, President of Davivienda Group, articulated the vision behind the merger. He emphasized that the integration creates a powerful synergy, combining global best practices with a deep understanding of the Latin American market.
This alliance allows us to better support people, businesses, and the country
Javier Suárez, President of Davivienda Group
In tandem with the launch, the group announced the appointment of Rodolfo Herrera as the new Executive President of DAVIbank Costa Rica. Herrera will steer the new bank’s strategy, focusing on leveraging the expanded infrastructure to deliver enhanced value to its customer base and drive growth in key market segments.
This acquisition in Costa Rica is a component of a much larger regional strategy for Davivienda Group, which also recently absorbed Scotiabank’s operations in Colombia and Panama. These transactions have substantially bolstered the group’s regional influence, expanding its customer base to over 29 million people and elevating its total assets to more than $60 billion. The move solidifies Davivienda’s position as a dominant financial force in Latin America and signals a new era of competition and service innovation in the Costa Rican banking industry.
For further information, visit davibank.cr
About DAVIbank:
DAVIbank is the new banking entity in Costa Rica resulting from the integration of Scotiabank’s operations into the Davivienda Group. Launched in December 2025, the bank serves former Scotiabank customers, offering a seamless transition with enhanced benefits, including a larger ATM and branch network, increased digital transaction limits, and new specialized products for the SME sector.
For further information, visit davivienda.com
About Davivienda Group:
Davivienda Group is a leading multilatino financial conglomerate headquartered in Colombia with a significant presence across Central America and in Miami. Following recent acquisitions, the group serves over 29 million customers and manages assets exceeding $60 billion. It operates with a focus on providing innovative and accessible financial solutions to individuals, businesses, and corporations across the region.
For further information, visit scotiabank.com
About Scotiabank:
Scotiabank is a leading bank in the Americas. Headquartered in Canada, it provides a broad range of advice, products, and services, including personal and commercial banking, wealth management, and corporate and investment banking. The recent sale of its operations in Costa Rica, Panama, and Colombia reflects a strategic realignment of its international footprint to focus on core markets.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Grounded in an unwavering dedication to professional integrity and superior service, Bufete de Costa Rica has earned its place as a leader in the nation’s legal landscape. The firm champions a forward-thinking approach, consistently developing innovative strategies to serve a broad spectrum of clients. Central to its ethos is a powerful social contract: to empower the community by making complex legal concepts understandable and accessible, thereby cultivating a society where knowledge is a tool for all.
