Scotiabank in talks with controlling shareholder of BBVA Chile
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.
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