Banco Colpatria_Template 24/04/2012 16:02 Page 1
1 Legal Transactions www.lawyer-monthly.com
he Bank ofBanco Colpatria from
acquires stake in
BVI counsel to Mercantil Colpatria:
Advisor Insight Deal Overview
O’Neal Webster acted as BVI counsel to
Mercantil Colpatria, S.A. on this transaction, led
by Christopher Simpson.
Q Is this a typical transaction for you?
What other types of transaction have
you been involved in?
Scotiabank recently announced the closing of its
acquisition of 51 per cent of Banco Colpatria. Through
this long-term partnership with Mercantil Colpatria,
who retains 48.7 per cent ownership, Scotiabank will
participate in significant growth opportunities in
Can you tell me about the recent
transaction you have been working
Yes, but I have also been involved in IPOs,
mergers, property financing and investment
funds related transactions.
Colombia. The purchase will be satisfied through a
combination of U.S.$500 million in cash and
10,000,000 common shares of The Bank of Nova
"We are pleased to be partnering with Mercantil
O’Neal Webster recently acted as BVI counsel to Colpatria and Banco Colpatria's strong management
Mercantil Colpatria, S.A. in connection with its The Bank of Nova Scotia team to leverage our joint expertise and accelerate the
bank's growth in Colombia," said Brian Porter, Group
sale to The Bank of Nova Scotia of a 51% stake is Canada’s third largest Head of International Banking at Scotiabank. "We look
in Banco Colpatria, one of Colombia’s leading forward to the success we will achieve by combining
banks. Mercantil Colpatria retains 48.7% bank and the acquisition was the unique strengths of our two companies and
focusing on the significant growth opportunities in the
ownership of the bank. The sale was satisfied its largest international Colombian market."
through a combination of US$500 million in cash Banco Colpatria, with assets of U.S.$6.4 billion and
and 10,000,000 common shares of The Bank of acquisition to date deposits of U.S.$4.4 billion (as of November 2011), is
Nova Scotia. The Bank of Nova Scotia is Colombia's fifth largest financial group and one of the
country's leading lenders with a positive track record
Canada’s third largest bank and the acquisition
was its largest international acquisition to date.
Mercantil Colpatria is a conglomerate whose
Q Which sectors do you specialize in?
Corporate and commercial, banking and finance,
of growth. The bank is the second largest credit card
issuer in Colombia and also offers commercial and
consumer loans and home mortgages through its
network of 175 branches and 308 ATMs. LM
business operations in Colombia include the
and investment funds.
banking, construction, insurance, pension fund
and mining sectors. Key Advisor Contact
Q Tell us a little about yourself.
Q What were the main challenges &
complexities for you and your
company regarding this transaction?
I joined O'Neal Webster in 2010 and my practice
focuses primarily on banking and finance and
corporate and commercial law where I advise a
30 DeCastro Street
client base of leading financial institutions, .O.
P Box 961
The transaction involved counsels from various corporations and law firms on all aspects of Road Town, Tortola
jurisdictions including the US, Colombia and the corporate finance including bilateral and
British Virgin Islands
BVI. From a BVI perspective the transaction syndicated loans, bond issues, project finance, Tel: 284-494-5808
included the continuation of a company from property financing, joint ventures, initial Fax: 284-494-5811
Panama in a short time frame which posed some public offerings, private placements, mergers, Email: www.onealwebster.com
challenges. The transaction also involved arrangements, corporate restructuring, project
the registration of security for various BVI finance, special purpose vehicles for tax or
companies and the provision of BVI corporate corporate structures, investment funds and
law advice on a host of corporate issues. general aspects of banking and corporate law.