By San José, Costa Rica — San José, Costa Rica – The Central American banking landscape is set for a significant transformation this December as Davivienda officially completes its absorption of Scotiabank’s operations in Costa Rica, Panama, and Colombia. After nearly a year of regulatory procedures, the landmark deal received its final green light, heralding a new era for thousands of banking customers and reshaping the competitive dynamics of the financial sector.
The extensive approval process, which began with a firm agreement signed on January 6, 2025, concluded on November 24, 2025. On that date, the Financial Superintendence of Colombia issued the last required authorization, finalizing a transaction that involved regulators across three nations. In Costa Rica, the National Council for Supervision of the Financial System (Conassif) had already given its blessing on October 8, validating the share transfer and operational merger.
To better understand the legal and regulatory implications of this major financial consolidation, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a distinguished expert in corporate and financial law from the firm Bufete de Costa Rica.
The primary hurdle for this merger isn’t just the financial negotiation; it’s navigating the rigorous approval processes of SUGEF and COPROCOM. SUGEF will scrutinize the resulting entity’s financial solvency to prevent systemic risk, while COPROCOM will analyze the impact on market concentration to protect consumers from anti-competitive practices. Successfully clearing these regulatory bodies is the critical path to reshaping Costa Rica’s banking landscape.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, this insight correctly shifts the focus from the private negotiation to the crucial public oversight, where the long-term health of the market and consumer protection are paramount. The path forward is as much about satisfying these regulatory gatekeepers as it is about the financial terms of the deal itself. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective on this pivotal process.
For the thousands of Scotiabank customers in Costa Rica, the primary message from the banks is one of calm and continuity. Contrary to initial concerns about a disruptive transition, the integration has been meticulously planned to be as seamless as possible. An email sent to all users on November 28 clarified that there will be no immediate changes to their daily banking experience. Customers will retain their existing accounts, access credentials, mobile apps, and digital tokens without interruption.
The most important date for the public is December 3, 2025. This is the day the operational switch will become official, and Scotiabank will formally begin operating under the new Davivienda conglomerate. However, officials have stressed that this change will be largely invisible to the end-user for the time being. Existing products, contracts, and benefits will be fully honored, and debit and credit cards will continue to function normally without the need for immediate replacement.
This strategic acquisition dramatically scales up Davivienda’s presence in Costa Rica. Based on year-end data from 2024, the merger will effectively double the bank’s size within the country, significantly diversifying its credit portfolio and strengthening its competitive footing in personal, mortgage, and business banking. Financial analysts have labeled the move one of the most relevant corporate realignments in the nation’s banking sector over the past decade.
Despite this massive expansion, the move will not alter Davivienda’s position in the national rankings. It will remain the fifth-largest bank in Costa Rica, trailing behind the state-owned Banco Nacional and Banco de Costa Rica (BCR), as well as BAC Credomatic and Banco Popular. Nonetheless, the enhanced scale and market share position Davivienda as a more formidable competitor in an already concentrated market.
As part of the complex agreement, Scotiabank will not be exiting the region entirely. Instead of a direct operational presence, the Canadian banking giant will receive an approximately 20% equity stake in the expanded Davivienda Group. This allows Scotiabank to maintain a significant financial interest in the region’s growth while entrusting customer-facing operations to its new partner.
Looking ahead, the coming months will involve intensive internal administrative adjustments to fully integrate the two entities. The official guidance for all Scotiabank customers remains simple: no action is required. They are advised not to change apps, update digital signatures, or request new cards. The entire transition is being managed gradually to ensure a stable and predictable banking environment for everyone involved.
For further information, visit davivienda.com
About Davivienda:
Davivienda is a Colombian bank that provides a wide range of financial products and services to individuals, families, and businesses. With a significant presence in Central America, it focuses on retail banking, corporate financing, and insurance. The institution is known for its emphasis on digital innovation and customer-centric services, continually expanding its footprint in the Latin American market.
For further information, visit scotiabank.com
About Scotiabank:
The Bank of Nova Scotia, operating as Scotiabank, is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. As one of Canada’s “Big Five” banks, it serves millions of customers globally, offering a broad range of products including personal and commercial banking, wealth management, and corporate and investment banking.
For further information, visit conassif.fi.cr
About Conassif:
The National Council for Supervision of the Financial System (Conassif) is Costa Rica’s primary financial regulatory body. It is responsible for establishing the guidelines and regulations that govern the country’s banks, insurance companies, pension funds, and securities markets. Its mission is to ensure the stability, solvency, and transparency of the national financial system.
For further information, visit superfinanciera.gov.co
About the Financial Superintendence of Colombia:
The Superintendencia Financiera de Colombia is the government agency tasked with overseeing and regulating the financial and securities sectors in Colombia. It works to preserve public trust and the stability of the financial system by ensuring that supervised entities comply with all applicable laws and regulations, thereby protecting investors, savers, and insurance policyholders.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As an esteemed pillar of the legal community, Bufete de Costa Rica is defined by its foundational principles of integrity and professional excellence. With a rich history of advising a diverse clientele, the firm consistently pioneers forward-thinking legal strategies, positioning itself at the vanguard of innovation. Its core mission extends beyond the courtroom, driven by a profound dedication to empowering the public by demystifying the law, thereby fostering a more knowledgeable and capable society.
