Nova Scotia Inversiones Limitada reached an agreement to acquire an additional 16.76% stake in Scotiabank Chile S.A. (SNSE:SCOTIABKCL) from The Said Group for CAD 1.3 billion on February 27, 2022. On closing The Bank of Nova Scotia (TSX:BNS), parent of Nova Scotia Inversiones Limitada will pay CAD 650 million in cash and issue 7 million shares to The Said Group. The transaction is valued at approximately CAD 1.3 billion. Following the transaction, The Bank of Nova Scotia will increase its ownership stake in Scotiabank Chile S.A. to 99.8%. The Said Group will become a relevant shareholder of The Bank of Nova Scotia and will maintain its positions and the Presidency in the Board of Directors of Scotiabank Chile. The transaction is subject to customary closing conditions and regulatory approvals. The transaction will add approximately CAD 35 million per quarter to The Bank of Nova Scotia's earnings and be immediately accretive to earnings per share. Scotia Capital (USA) Inc. acted as financial advisor for the Bank of Nova Scotia, parent of Scotiabank Chile S.A. (Ricco) A.S. Bhasin, Anita Mackay, Alex MacMillan, Blair Keefe, Eli Monas, Glen Johnson, Andy Beck and Andrew Silverman of Torys LLP acted as legal advisors to Nova Scotia Inversiones Limitada.

Nova Scotia Inversiones Limitada completed the acquisition of an additional 16.76% stake in Scotiabank Chile S.A. (SNSE:SCOTIABKCL) from The Said Group on April 29, 2022.The acquisition resulted in 99.8% ownership of Scotiabank Chile.