The Bank of Nova Scotia BNS aims to become the third-largest private bank in Chile with the acquisition of Banco Bilbao Vizcaya Argentaria, S.A.'s BBVA 68.19% stake in BBVA Chile for about $2.2 billion (CAD$ 2.9 billion).
BBVA will accept the binding offer submitted by Scotiabank if the Said family — BBVA's minority partner with the remaining stake — chooses not to exercise its Right of First Refusal. On completion of the deal, Scotiabank's Common Equity Tier (AMEX:CET) 1 capital ratio is expected to be impacted by nearly 1%.
Notably, the Said family has....More>>>