December 5, 2017 / 11:48 AM / 3 years ago

Scotiabank says BBVA accepts offer to buy stake in BBVA Chile

Dec 5 (Reuters) - Bank of Nova Scotia said on Tuesday that Banco Bilbao Vizcaya Argentaria S.A. (BBVA) has formally accepted its offer to buy the Spanish lender’s stake in BBVA Chile for about $2.2 billion.

Canada’s third-biggest lender also said the Said family, which owns 31.62 percent of BBVA Chile, has waived its right of first refusal to buy BBVA’s shares in BBVA Chile.

Scotiabank had initially offered to buy the stake on Nov. 28 and BBVA then said it would accept the offer if it was approved by the Said family.

Scotiabank, which has the biggest foreign presence of any Canadian bank, said on Tuesday the Said family maintains the right to tender all or a portion of its shares in the mandatory tender offer.

The deal is expected to double Scotiabank’s market share in Chile to about 14 percent, the company said.

Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila

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