November 29, 2017 |
Scotiabank said it has offered to pay $2.2bn for BBVA Chile, a move that would see the Canadian bank double its market share in the Andean country to 14%.
The Spanish parent holds a 68.2% stake in its Chilean subsidiary, while the Said family has 31.62% of BBVA Chile. BBVA said in a securities filing on Tuesday that it would accept the offer, only if the minority shareholders agree to divest their stakes.
The offer is also valid for BBVA Chile's life insurance arm, but doe not include its auto l
Canadian lender agrees to pay $2.2bn for the Spanish bank's 68% stake in the local institution