The Globe and Mail reports in its Tuesday edition that Bank of Nova Scotia is selling its businesses in Colombia, Costa Rica and Panama to Colombian bank Davivienda as the Canadian lender refocuses on North America. The Globe's Stefanie Marotta writes that Scotiabank will post a loss of $1.7-billion on the deal, while taking a 20-per-cent stake in Davivienda, as well as gaining representation on its board. Chief executive officer Scott Thomson launched his turnaround plan at the outset of his tenure in 2023. As part of the sale, Scotiabank will post an after-tax impairment loss of about $1.4-billion in the first quarter of fiscal 2025, which ends Feb. 28. The lender expects this to reduce its common equity Tier 1 (CET1) -- a measure of a bank's ability to absorb losses -- by about 10 to 15 basis points. The bank also expects an additional loss of about $300-million from the impact of foreign currency when the deal closes. National Bank analyst Gabriel Dechaine said the 20-per-cent stake is valued at about $600-million; Scotia paid $1-billion to acquire a stake in the Colombian operation in 2012 and it cost $360-million (U.S.) to take over banking operations in Panama and Costa Rica in 2016 from U.S.-based Citibank.