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Scotiabank offers $2.2 billion for stake in BBVA's Chilean unit

Staff Writer |
The Bank Of Nova Scotia (Scotiabank) offered $2.2 billion for a majority stake in the Chilean operations of Banco Bilbao Vizcaya Argentaria SA (BBVA) in a deal that would make the Canadian lender Chile's third largest non-state bank.

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Spain's BBVA owns 68.19 percent of the unit while the Said family of Chile owns another 29 percent. It had a market capitalisation of $2.2 billion on Tuesday.

BBVA said it would accept the offer, which values the unit at around $3.2 billion, if it was approved by the Said family. The family has the right to sell its shares to Scotiabank under the same terms.

Shares in BBVA, Spain's second-biggest lender, were up 0.41 percent at 0903 GMT on Tuesday.

BBVA said in August it was looking at the possible sale of its Chilean retail bank after Scotiabank expressed an interest in buying up to 100 percent of it, although it had no plans to exit Chile altogether. It also has a consumer finance unit in Chile.

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