What was Scotiabank in Mexico before? Thus it lost its original name

Scotiabank It is a bank originally from Canada and has almost 190 years of history. It was founded in Nova Scotia and is currently known as the largest Canadian bank with the largest global presence Operations in 55 countries.

In Mexico, Scotiabank’s history is much more recent. Landed in national territory with Merger with another banking entity, in which he invested. Later, the names of the two institutions were also combined and operated in this way for many years, although they now use the old name less frequently.

he Scotiabank It arrived in Mexico through an agreement with the National Bank Inverlat. As time passed, the two began a deeper merger, until they changed the name.

What was Scotiabank in Mexico before?
Photo: Reuters

What happened to Inverlat Bank?

inverlat, For its part, it was a fairly old bank. According to data from the historical archives of the National Autonomous University of Mexico (UNAM), it has been united under the name Mexican Commercial Bank between 1961 and 1967. It also had the legal name Multibanco Comermex.

In 1996, after concluding an agreement with the Banking Fund for the Protection of Savings (Fobaproa), Scotiabank began managing Inverlat As a measure to save it from the financial crisis it was going through, which also affected other institutions nationwide at the time.

When Scotiabank took control of Inverlat, the Mexican bank owned 80% of its portfolio is outstanding. Initially, the move was not intended to be a merger, but rather an intervention in which the North American organization would have to advise Inverlat on how to improve its profitability.

See also  Colombia's oil fields have trouble operating due to the blockade | companies | Business

This is how the loss of name happened with Scotiabank

After several years with some joint operations, V.I In 2003, the government approved the merger of Scotiabank and Inverlat. They started with a capital of 2,852 million pesos and operated the original accounts of the Mexican bank.

This merger was officially called Scotiabank Inverlath SA, Which remains the legal name of the bank and several of its subsidiaries. However, the old Mexican bank began to lose its presence and was mentioned very little in the bank’s operations.

You can also read:

For more information, visit our YouTube channel.

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top