logo
Plus   Neg
Share
Email

Scotiabank Reaches Agreement With BBVA To Acquire Its Shares In BBVA Chile

Scotiabank announced that Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) has formally accepted the Group's offer to acquire its 68.19% ownership in BBVA Chile, and its interests in certain subsidiaries, for approximately $2.2 billion. Scotiabank intends to merge BBVA Chile with its existing operations in Chile (Scotiabank Chile), subject to regulatory approvals. The transaction will double Scotiabank's market share in Chile to approximately 14%, and make Scotiabank the third largest private sector bank in the country.

The Said family, which owns 31.62% of BBVA Chile, has waived its Right of First Refusal to acquire BBVA's shares of BBVA Chile, but maintains the right to tender all or a portion of its shares in the mandatory tender offer to be carried out by Scotiabank. The Said family has indicated their willingness to potentially remain in the business and, if so, would invest up to approximately $500 million in order to own up to 25% of the combined business when Scotiabank Chile and BBVA Chile are merged.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Member of Congress have reportedly been told President Donald Trump's administration has reached an agreement to put Chinese telecom giant ZTE Corp. back in business. Reports from the New York Times and Reuters said the deal brokered by the Commerce Department would require ZTE to pay a substantial... Delta Air Lines will resume non-stop flights between the U.S. and India next year, almost a decade after it exited the Indian market. The airline said Thursday that its decision to resume non-stop flights from the U.S. to India follows agreements between the U.S. and the governments of the United Arab Emirates and Qatar to address the issue of government subsidies provided to state-owned carriers. Mortgage rates continued their upward trend this week and hit a seven-year high, even as housing demand remained robust. According to data released Thursday by mortgage finance provider Freddie Mac, the 30-year fixed-rate mortgage rose to 4.66 percent in the week ending May 24, from 4.61 percent in the prior week and 3.95 percent a year ago. This is also the highest level since May 5, 2011.
Follow RTT