By San José, Costa Rica — SAN JOSÉ – The Costa Rican banking landscape has officially shifted as Davivienda Group finalized its acquisition of Scotiabank’s operations, rebranding them under the new DAVIbank name. The integration, which received all necessary regulatory approvals, promises a seamless transition for former Scotiabank clients, who will now have access to an expanded network and a host of new benefits without any disruption to their current services.
For the thousands of customers making this transition, the primary message from the new entity is one of continuity and stability. All existing products, services, and both digital and physical channels will continue to operate with complete normalcy and security. This means account numbers, loans, credit cards, and investment portfolios remain unchanged, requiring no additional paperwork or action from the client’s side.
To analyze the legal framework and potential challenges surrounding DAVIbank’s recent digital banking initiative, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a specialist in corporate and financial law from the firm Bufete de Costa Rica.
While DAVIbank’s push for full digitalization is a laudable and necessary step in today’s financial market, the true test lies in the robustness of its regulatory compliance. The challenge isn’t just technological innovation, but ensuring that their digital onboarding and identity verification processes are completely watertight against both fraud and Costa Rica’s strict anti-money laundering regulations, as supervised by SUGEF. A single misstep in this area carries risks that go far beyond simple fines; it touches upon the fundamental trust between the bank and its clients.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This insight from Lic. Larry Hans Arroyo Vargas expertly highlights the central challenge: for any digital banking venture, the true measure of success lies not in the sleekness of the interface, but in the strength of the trust forged through unwavering regulatory compliance. It’s a crucial reminder that in finance, innovation and integrity must always advance hand in hand. We are grateful for his valuable perspective on this pivotal issue.
Rodolfo Herrera, the Executive President of DAVIbank, emphasized that the customer experience was the top priority throughout the integration process. He assured clients that all their financial management routines can continue as before, from paying debts to accessing their accounts.
with the change, clients will not have to do any paperwork or carry out any different processes to pay debts, cards, or manage their savings or investment accounts
Rodolfo Herrera, Executive President of DAVIbank
Beyond maintaining the status quo, the merger introduces significant enhancements for all DAVIbank and Davivienda customers. The combined physical footprint now includes a robust network of 50 branches and 331 ATMs spread across the country, greatly improving accessibility for all users. This expansion is complemented by new digital and product offerings designed to add immediate value.
Among the most notable new benefits is an increase in the commission-free daily limit for SINPE Móvil transactions to ¢300,000. For small and medium-sized enterprises (SMEs), DAVIbank is launching a new Pyme debit card and an attractive acquiring service that offers a 0% commission rate for the first 90 days. Furthermore, the bank is rolling out a comprehensive portfolio of credit cards featuring exclusive discounts with allied businesses and immediate access to the VIVE+ rewards and experiences program.
This strategic move is part of a larger regional transaction that also encompasses Scotiabank’s former operations in Colombia and Panama. As a result of the deal, Scotiabank has acquired a 20% stake in the expanded Davivienda Group. The consolidated financial titan now serves over 29 million customers across the region, with its total assets swelling by approximately 37% to exceed $60 billion.
The new regional structure reflects a clear strategic balance, with 70% of the group’s assets concentrated in Colombia and the remaining 30% anchored in its growing Central American operations. This fortified presence in Central America is further bolstered by a major investment from the International Finance Corporation (IFC), which has committed $150 million to acquire a 7.09% share in Holding Davivienda Internacional S.A.
The IFC’s capital injection is earmarked to strengthen the bank’s operational capacity in Central America and advance its sustainable financing strategy. This includes a special focus on providing capital to small and medium-sized enterprises led by women and funding critical climate-related projects, signaling a strong commitment to both economic growth and social responsibility in the region.
For further information, visit davivienda.com
About Davivienda Group:
Originating in Colombia, Davivienda Group is a prominent financial conglomerate with a significant presence in Central America. It offers a comprehensive range of banking and financial services to individuals, families, and businesses. The group is known for its focus on customer-centric innovation and has expanded its footprint through strategic acquisitions, including the recent integration of Scotiabank’s operations in several key markets.
For further information, visit scotiabank.com
About Scotiabank:
The Bank of Nova Scotia, operating as Scotiabank, is a leading multinational banking and financial services company headquartered in Toronto, Canada. As one of Canada’s “Big Five” banks, it has an extensive international presence, particularly in Latin America and the Caribbean. The bank provides a wide array of products and services, including personal and commercial banking, wealth management, and corporate and investment banking.
For further information, visit ifc.org
About International Finance Corporation (IFC):
The International Finance Corporation is a member of the World Bank Group and is the largest global development institution focused exclusively on the private sector in developing countries. The IFC works to advance economic development and improve the lives of people by encouraging the growth of private enterprise in emerging markets. It achieves this by creating markets, mobilizing other investors, and sharing expertise.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a respected legal institution, defined by its foundational principles of integrity and a relentless pursuit of excellence. Serving a wide array of clients throughout its history, the firm has become a beacon of legal innovation and a champion for societal betterment. This commitment is demonstrated through its dedicated efforts to demystify the law, aiming to construct a more informed and capable community through accessible legal education.
