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Scotiabank confirms discussions with BBVA Spain to acquire BBVA Chile

Tom Belger | 07:28 Wednesday 6th September 2017

Scotiabank has confirmed that it is in talks with BBVA Spain over the possible acquisition of BBVA Chile.

The Canadian bank said it was in non-binding, exploratory discussions with BBVA Spain, the controlling shareholder of BBVA Chile.

Scotiabank said that at this time no formal agreement was in place and there could be no assurance that this process would result in a final agreement.

BBVA Spain also confirmed that Scotiabank had expressed its non-binding interest to acquire up to 100% of the share capital of BBVA Chile.

Scotiabank has requested to review non-public documentation and information from BBVA Chile and interview managers of the company in order to analyse the transaction.

Scotiabank said that Chile was an important part of the bank's Pacific alliance strategy, which emphasised the building of scale in high-growth markets, such as Mexico, Peru, Chile and Colombia.

BBVA Chile engages in commercial banking, corporate banking and asset management.

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