Present Value Blog

Share Blog Postings:

RMFP Portfolio Update 2015 – July 20

Published by on

Manulife Monthly High Income Fund

YTD: 3.03%

  • Bank of Nova Scotia announced it will buy Citigroup Inc’s retail and commercial banking operations in Panama and Costa Rica, expanding its presence in Central America.
  • The Canadian lender, which operates under the Scotiabank banner, said the deal will lift its market share in credit cards to about 18 per cent in Panama and to 15 per cent in Costa Rica, ranking it No. 2 in both countries in the segment.
  • Citibank, which has been operating in Costa Rica since 1968 and in Panama since 1904, said it will continue to provide corporate and institutional banking and wealth-management services in the countries following the close of the deal.
  • The terms of the transaction, which will nearly triple Scotiabank’s customer base in the two countries, to roughly 387,000 from about 137,000, were not disclosed.