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BBVA: formalises agreement with Scotiabank on BBVA Chile.

(CercleFinance.com) - BBVA has formally accepted Scotiabank's offer to acquire its ownership of BBVA Chile, along with other interests, for approximately 2.
2 billion dollars.

The Canadian bank said on Tuesday that it has entered into a definitive agreement with BBVA to acquire its 68.2% stake in BBVA Chile, and its interests in certain subsidiaries.

Scotiabank now intends to merge BBVA Chile with its own existing operations in Chile (Scotiabank Chile), it said.

Regarding the Said family stake, which owns 31.6% of BBVA Chile, they have refused to buy BBVA's shares, although they are willing to potentially remain in the business, Scotiabank said.

They even plan to invest up to 500 million dollars in order to own up to 25% of the combined business when Scotiabank Chile and BBVA Chile are merged.

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