Toronto-based Bank of Nova Scotia has closed a deal with Citigroup Inc. to acquire the New York-based banking giant’s retail and commercial banking business in Panama and Costa Rica.

These acquisitions, first announced in July 2015 and valued at around US$360 million, will increase Scotiabank’s consumer and commercial customer base in Panama and Costa Rica to 387,000 from approximately 137,000, the bank reported on Monday. The deals include 21 bank branches, 88 ABMs and four service centres.

Scotiabank’s market share in credit cards will increase to 18% in Panama and 15% in Costa Rica, making the bank the second-largest credit card provider in both countries, Scotiabank reported when the deal was first announced.

Scotiabank and Citigroup say they will work together to ensure a smooth transition during an integration period estimated to take between 24 and 36 months. To comply with local laws, the acquired businesses will be kept separate from Scotiabank’s existing operations during the integration process and will operate under the name “Scotiabank Transformándose.”

Scotiabank’s existing operations in Panama include US$2.7 billion in assets under administration (AUA), 16 branches and 27,000 customers, while its Costa Rica operations include US$2.65 billion in AUA, 34 branches and 110,000 customers, the bank reported.

Scotiabank has said it is considering expanding its Latin American operations in the so-called Pacific Alliance countries of Mexico, Colombia, Chile and Peru. Last year, Scotiabank acquired Citibank’s retail and commercial banking operations in Peru, and a 51% share of Chile-based Cencosud SA’s credit card operations.