Scotiabank in talks with controlling shareholder of BBVA Chile
Posted Aug 31, 2017 11:39:11 AM.
Last Updated Aug 31, 2017 12:00:10 PM.
This article is more than 5 years old.
TORONTO – Scotiabank is looking at buying BBVA Chile, which is in a strategically important high-growth market.
The Toronto-based bank (TSX:BNS) acknowledged Thursday that it’s in “non-binding, exploratory” discussions with the Chilean company’s controlling shareholder.
BBVA Spain also issued a similar statement Thursday after a Chilean media report that Scotiabank was among a small number of potential buyers for its Chilean bank.
Both Scotiabank and BBVA said there’s no assurance that they will reach a transaction agreement.
But the Toronto-based bank’s statement said that Chile is an important part of its Pacific alliance strategy, which emphasizes growing its presence in the high-growth markets of Mexico, Peru, Columbia and Chile.
