12 years ago, they paid $1 billion for 51% and their departure opens the possibility for Eduardo Pacheco to reintegrate the bank into the powerful family group.

Twelve years ago, the Canadians of the Bank of Nova Scotia paid $1,000 million to the Pacheco family to keep 51% of Colpatria and, with this grand gesture, they entered Colombia. Based in Toronto and Canada’s third largest bank, with more than 15 million customers and a presence in 50 countries, it wanted Colombia to become its spearhead in South America. Their expectations were so high that they risked everything in a bid with other Brazilian international giants, Banco do Brasil and Itaú, and with Chile’s CorpBanca.

The decision is influenced not only by the results of the Colombia operation after more than a decade, but also by a change in global strategy in which Colombia is no longer on the board as a major player. Scott Thomson himself, CEO of Scotiabank, announced from Toronto the change in its investment plan in which they will prioritize the integration of the corridor in North America.

They will direct approximately 90% of the additional capital to their markets in Canada, the United States and Mexico; their divisions in Colombia and Central America will need to recover without additional financing, or the bank will seek to exit these markets.

Eduardo Pacheco, head of the large family group Colpatria, which invests in various economic sectors, including gold, thermal energy production and food. He always retained his seat on the Board of Directors with his son Carlos Eduardo Pacheco Martínez, one of the young businessmen who participated in the meeting with Gustavo Petro at the Illustrious Guest House in Cartagena.

When they sold Colpatria Bank, it was the seventh bank in Colombia and still serves 2 million customers with credit cards. Besides Pacheco, in the Board of Directors Seven directors and seven alternates have seats. Among the first are influential economists and lawyers such as former minister Alejandro Gaviria, Andrés Largacha or Martin Carrizosa, who act as independent members and on whom will fall responsibility for future decisions of Scotiabank-Colpatria, most likely including the Next year the change of hands takes place.

Today, Canadians operate as a foreign bank in Colombia under the management of Scotiabank Colpatria, thus being one of the main financial institutions in the country. The entity is the second with the largest placement of debit and credit cards, but it is the third with the most losses until September.