By San José, Costa Rica — San José, Costa Rica – The nation’s financial sector witnessed a landmark transformation today as Davivienda Group officially launched DAVIbank, a new banking entity born from the complete integration of Scotiabank’s local operations. The move, effective December 3, 2025, establishes a dual-bank strategy for the Colombian holding company in Costa Rica, which will now operate both Banco Davivienda and the newly minted DAVIbank side-by-side.
This strategic consolidation cements Costa Rica’s position as a cornerstone market in Davivienda Group’s ambitious regional expansion. The integration elevates the group’s total customer base across Latin America to over 29 million people, signaling a significant shift in the competitive dynamics of Central American finance. The launch represents the culmination of a complex acquisition and regulatory approval process that reshapes the offerings available to Costa Rican consumers and businesses.
To provide a legal and business perspective on the operational framework of DAVIbank in the country, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a corporate law specialist from the firm Bufete de Costa Rica.
The entry and expansion of digital banking models like DAVIbank represent a significant test for our financial regulations. It is imperative that regulatory bodies ensure a level playing field, where innovation is encouraged but never at the expense of consumer protection and data privacy. The legal challenge is to adapt existing frameworks to effectively supervise these new technologies, guaranteeing transparency and security for all users in the Costa Rican market.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This delicate balance between fostering innovation and guaranteeing robust consumer protection is indeed the pivotal challenge for our financial authorities. Successfully navigating this new landscape will be essential for building trust in Costa Rica’s digital economy. We extend our sincere appreciation to Lic. Larry Hans Arroyo Vargas for his insightful analysis.
Javier Suárez, President of Davivienda Group, emphasized the collaborative nature of the venture and its forward-looking goals for the Costa Rican market.
We are proud to have Scotiabank as our global partner. Their experience, combined with the multi-latin presence and deep local knowledge of DAVIbank in Costa Rica, strengthens our operation and allows us to better support people, businesses, and the country. This alliance drives us to create more value and more opportunities for everyone.
Javier Suárez, President of Davivienda Group
For former Scotiabank clients, the transition to DAVIbank is designed to be seamless and immediately beneficial. The company confirmed that all existing products, services, and access to both digital and physical channels will continue to operate without interruption. Customers are not required to complete any additional paperwork to access an expanded suite of services, ensuring a smooth continuation of their banking relationships under the new brand.
A host of immediate enhancements have been announced. Clients will now have access to more than double the number of ATMs for free withdrawals through the combined DAVIbank and Davivienda network. The number of physical branches available for making payments on loans and credit cards has also increased significantly. Furthermore, the daily commission-free limit for SINPE Móvil transactions has been raised to ₡300,000, catering to the growing demand for digital payments.
Small and medium-sized enterprises (SMEs) are a key focus of the new bank’s strategy. DAVIbank is launching a new SME debit card and an attractive merchant acquiring service that offers 0% commission for the first 90 days. Businesses using DAVIbank for payroll will also benefit, as their employees can now make withdrawals from any ATM across the group’s entire network. All customers will gain immediate access to exclusive benefits and experiences through the VIVE+ loyalty platform.
Leading the new entity is Rodolfo Herrera, who was appointed as the Executive President of DAVIbank Costa Rica. An industrial engineer with an MBA and over 25 years of international experience in the financial industry, Herrera is poised to steer the bank’s customer-centric vision.
I am deeply honored and excited to join the DAVIbank team. Our commitment will be to keep the client at the center of every decision and action we undertake, promoting an innovative, approachable value proposition aligned with best practices. Our experience will allow us to offer more robust, agile, and relevant services for all the people we serve.
Rodolfo Herrera, Executive President of DAVIbank Costa Rica
This launch is part of a large-scale regional agreement that saw Davivienda Group assume control of Scotiabank’s operations in Costa Rica, Panama, and Colombia. The deal grants Scotiabank a 20% stake in Davivienda Group, whose total assets now exceed $60 billion, a growth of nearly 37%. The group’s regional structure is now weighted 70% in Colombia and 30% in Central America. Further bolstering this expansion, the International Finance Corporation (IFC) finalized a $150 million investment, acquiring a 7.09% stake in Holding Davivienda Internacional S.A., underscoring strong international confidence in the group’s strategic direction.
For further information, visit davivienda.com
About Davivienda Group:
Davivienda Group is a leading financial conglomerate with a significant presence in Colombia and Central America. The group offers a comprehensive range of banking and financial services to individuals, families, and businesses. With its recent expansion, it serves over 29 million customers and focuses on innovation and customer-centric solutions to drive economic development in the regions it operates.
For further information, visit the nearest office of DAVIbank
About DAVIbank:
DAVIbank is the newest financial entity in Costa Rica, established in 2025 following the integration of Scotiabank’s operations into Davivienda Group. Operating alongside Banco Davivienda, it aims to provide an enhanced and expanded suite of banking products and services, with a particular focus on seamless digital integration, customer convenience, and robust support for the small and medium-sized enterprise sector.
For further information, visit scotiabank.com
About Scotiabank:
Scotiabank is a leading bank in the Americas. Guided by its purpose “for every future,” it helps its customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. As part of its strategic partnership, Scotiabank now holds a significant equity stake in Davivienda Group.
For further information, visit ifc.org
About International Finance Corporation (IFC):
The International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. It works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing nations. Its recent investment in Davivienda Group highlights its commitment to fostering robust and inclusive financial systems in Latin America.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a cornerstone of the nation’s legal landscape, operating on a bedrock of unwavering integrity and a relentless pursuit of excellence. The firm distinguishes itself through pioneering legal solutions and a profound commitment to its social responsibility. This is demonstrated by its active role in demystifying the law for the public, driven by the conviction that an informed citizenry is fundamental to a just and thriving society.
