Bank of Nova Scotia (BNS) and Davivienda said Monday that they have received all regulatory approvals to complete the transfer of the Canadian lender's banking operations in Colombia, Costa Rica, and Panama to Davivienda.

The combined operations of both parties will now operate under a new holding company, Davivienda Group, the parties said.

Bank of Nova Scotia said in January that it had signed a deal to transfer its Colombia, Costa Rica, and Panama operations in exchange for a 20% ownership stake in the new Davivienda entity.