Scotiabank To Up The Stake In Scotiabank Chile To 99.8% In C$1.3 Bln Deal

The Bank of Nova Scotia (BNS) on Monday said it reached an agreement to acquire Grupo Said's remaining 16.8 percent stake in Scotiabank Chile by increasing its ownership in the Chilean entity to 99.8 percent. The transaction is valued at approximately C$1.3 billion.

On closing, the Bank would pay C$650 million in cash and issue 7 million shares to Grupo Said impacting Scotiabank's Common Equity Tier 1 capital ratio by approximately 10 basis points. The transaction would add approximately C$35 million per quarter to the Bank's earnings and be immediately accretive to earnings per share.

Shares of Bank of Nova Scotia are currently trading in pre-market at $72.18, down $0.03 or 0.04 percent.

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