COLOMBIA BUSINESS NEWS — A second Canadian bank is looking at Colombia for expansion into Latin America.
The Canadian Imperial Bank of Commerce (CBIC) announced this week that it is opening a representative office in Bogota to serve its Canadian corporate clients seeking to do business in Latin America.
The Colombia office will open later this week, Chief Executive Officer Victor Dodig said today during a financial services conference in Montreal.
The CIBC is Canada fifth largest by deposits. The bank is headquartered in Toronto.
In 2011, Canada’s third largest bank, the Bank of Nova Scotia (Scotiabank) purchased a 51% stake in Colombia’s Banco Colpatria Red Multibanca Colpatria SA for about US$1 billion in its largest international takeover.
Source: Bloomberg; CIBC
