Latin America: Bank consolidation stays at the top of the agenda

In some parts of Latin America foreign banks continue to head the push for consolidation, but locals are beginning to cross borders. Chloe Hayward reports.

Scotiabank wants to make the grade

A BANKER ONCE told Euromoney: “Banking sector consolidation will leave five or six banks running the whole banking world one day.” This might seem a distant prospect but some banks are trying hard to make it come true in Latin America.

Names such as Citi, HSBC and Scotiabank have been bandied around for a couple of years already, but now we are also seeing certain regional banks, such as Bancolombia, join the banking consolidation frenzy on the continent.

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