Colombia's Banco Colpatria is the country's eighth largest lender and the system's second biggest credit card issuer. It offers a range of banking products and services, including savings and checking accounts, insurance, commercial and consumer loans, and mortgages. It operates as a subsidiary of Scotiabank since 2012, when the Canadian bank closed the acquisition of a 51% stake in the company for US$500mn in cash and 10mn common shares to Mercantil Colpatria. Aiming to consolidate its position in the local market, it merged operations with Scotiabank Colombia in 2013. Banco Colpatria was founded in 1972 and is based in Bogotá. It has more than 190 branch offices across Colombia and a representative agency in Panama.