Scotiabank increases stake in Chilean subsidiary

Scotiabank increases stake in Chilean subsidiary

Equity M&A Loans Capital Markets Canada Chile

Scotiabank said Monday that it inked a CAD1.3 billion ($1.02 billion) agreement to buy a 16.8% stake in its Chilean subsidiary from local conglomerate Grupo Said, which in turn will become a shareholder in the Canadian lender. Under the deal, Scotiabank will pay CAD650 million in cash and issue 7 million shares to Grupo Said, the bank said in a statement. The transaction will increase the Canadian bank's stake in Scotiabank Chile to 99.8% from 83%. It follows the Said family's sale of 7% to Scot

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial