Citigroup's (NYSE:C) consumer-banking units in Costa Rica and Panama could go for about $1.1B, according to a Bloomberg source.
A sale - and Scotiabank (NYSE:BNS) is still conducting due diligence - would be the second such deal between the two lenders in six months. Scotiabank agreed in December to buy Citi's Peru operations (it closed this month).
Citi and Spain's Banco Popular earlier this year broke off talks for a sale of all of Citi's Central American retail businesses.
Scotiabank operates in more than 55 countries in LatAm, the Caribbean, and Asia, and has targeted spots like Mexico, Colombia, Chile, and Peru as those offering the best opportunities for growth.