A new bank is established in Colombia: Davibank, which will manage Scotiabank’s operations and has been acquired by Davivienda
The website has been launched, and the entity’s logo has been unveiled, representing the merger of both banks’ operations.
Following regulatory approvals for the integration of Davivienda and Scotiabank, a new entity has been launched to consolidate their operations. This entity, Davibank, now has an official website, a brand, and a logo, which were unveiled in recent hours.
Earlier last week, the Financial Superintendency of Colombia (SFC) granted the green light for the integration of operations between Scotiabank and Davivienda, in accordance with the agreement signed on January 6, 2025. Consequently, both institutions are authorized to merge under a new holding company, Davibank.
"With these regulatory actions, the required authorizations have been completed in all jurisdictions where Davivienda operates (Colombia, Costa Rica, Panama, Honduras, and El Salvador) to carry out the integration of Scotiabank’s operations in Colombia, Costa Rica, and Panama with Davivienda’s operations. As previously announced to the market, Davivienda Group will serve as the holding entity under which these operations will be consolidated," stated the SFC.
Jorge Rojas Dumit will serve as CEO of the holding company, while Javier Suárez will continue as President of Davivienda and Davivienda Group. "I am very excited to be part of this major step and to introduce Davibank. This alliance will translate into numerous benefits that will begin shaping this new era for our clients from today," said Jorge Rojas Dumit.
Javier Suárez, President of Davivienda Group, added, "We are proud to have Scotiabank as a global partner, strengthening our multi-Latin presence to deliver greater value to our clients and the countries in which we operate."
Services Offered by Davibank
With this transaction, Davivienda Group reaches over 29 million clients and assets exceeding US$60 billion, representing approximately 37% growth. The inclusion of Scotiabank as a shareholder in Davivienda Group also strengthens its geographic diversification strategy, with 70% of assets in Colombia and 30% in Central America.
As part of this process, the International Finance Corporation (IFC) made a US$150 million investment to acquire 7.09% of Holding Davivienda Internacional S.A., reinforcing the capital base of Davivienda Group’s operations in Central America. Additionally, as of Monday, December 1, all Davibank clients have access to four times more ATMs for free and unlimited withdrawals through Davivienda, and five times more branches for credit payments, cash deposits, and corporate collections.
Davibank’s service portfolio includes credit and digital debit cards, which can be activated via the mobile app for benefits such as wallet access, cardless withdrawals, and QR payments worldwide. Clients will also enjoy an 8% annual return on account balances and have access to a variety of investment options. Additionally, clients will benefit from a specialized team of Investment Advisors and Client Service Officers, global financial capabilities, and an expanded offering for comprehensive wealth management.
Profile of Davibank’s CEO
The Board of Directors of Davibank appointed Jorge Rojas Dumit as CEO. Rojas holds an industrial engineering degree from Universidad Javeriana, a Finance specialization from Universidad EAFIT-Cesa Incolda, and a Senior Management Program (PADE) from Inalde. He has over 35 years of experience in the financial sector, leading growth strategies, commercial transformation, business development in retail and corporate banking, and successful integrations at organizations such as Davivienda and Colpatria.
He has held positions including Vice President of Corporate and International Banking at Banco Colpatria, President of Leasing Bolívar, Vice President of Corporate Banking at Banco Davivienda, and most recently, Executive Vice President of Commercial Banking at Banco Davivienda.
Shareholding Offer
Last Friday, the Board of Directors of Davivienda Group S.A. unanimously approved the issuance of common and preferred shares in favor of Scotiabank Colombia Holdings Inc. The offer consists of 65,357,739 common shares and 57,682,043 preferred shares, each with a nominal value of COP 180.
Source: Portafolio (December 1, 2025).
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