Bank of Nova Scotia Lifts Ownership of Chile Arm for About C$500 Million

By Robb M. Stewart

Bank of Nova Scotia agreed to buy an additional 7% stake in its Chilean operations for about 500 million Canadian dollars (US$407.15 million), boosting its ownership to 83%.

The Canadian lender said Monday it would buy the stake from the Said family, and when completed the deal would affect its common equity Tier 1 capital ratio by about 8 basis points.

In 2018, Scotiabank increased its presence in Chilean markets with the acquisition of a roughly 68% interest in BBVA Chile owned by Banco Bilbao Vizcaya Argentaria SA. With the deal, it reached an agreement with the Said family to remain invested in BBVA Chile with a close to 25% interest in the merged banking operation there.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

05-03-21 0911ET