March 1, 2022
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
Canadian lender takes full control of the local business through a $1 bln deal with Grupo Said