{"id":58625,"date":"2017-12-05T03:30:00","date_gmt":"2017-12-05T07:16:00","guid":{"rendered":"http:\/\/hispanicprwire.com\/english-scotiabank-formalizes-agreement-with-bbva-to-acquire-its-shares-in-bbva-chile\/"},"modified":"2017-12-05T04:32:02","modified_gmt":"2017-12-05T08:32:02","slug":"scotiabank-formaliza-acuerdo-con-bbva-para-adquirir-sus-acciones-en-bbva-chile","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/scotiabank-formaliza-acuerdo-con-bbva-para-adquirir-sus-acciones-en-bbva-chile\/","title":{"rendered":"Scotiabank formalizes agreement with BBVA to acquire its shares in BBVA Chile"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">TORONTO<\/span> and <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Dec. 5, 2017<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; Scotiabank announced today that Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) has formally accepted Scotiabank&#8217;s offer to acquire its 68.19% ownership in BBVA Chile, and its interests in certain subsidiaries, for approximately <span class=\"xn-money\">US$ 2.2 billion<\/span> (<span class=\"xn-money\">CAD$ 2.9 billion<\/span>). Scotiabank has entered into definitive agreements with BBVA and intends to merge BBVA Chile with its existing operations in <span class=\"xn-location\">Chile<\/span> (Scotiabank Chile), subject to regulatory approvals.<\/p>\n<p>The Said family, which owns 31.62% of BBVA Chile, has waived its Right of First Refusal to acquire BBVA&#8217;s shares of BBVA Chile, but maintains the right to tender all or a portion of its shares in the mandatory tender offer to be carried out by Scotiabank. The Said family has indicated their willingness to potentially remain in the business and, if so, would invest up to approximately <span class=\"xn-money\">US$ 500 million<\/span> (<span class=\"xn-money\">CAD$ 650 million<\/span>) in order to own up to 25% of the combined business when Scotiabank Chile and BBVA Chile are merged. In this scenario, and if the transaction is completed, Scotiabank&#8217;s Common Equity Tier 1 capital ratio will be impacted by approximately 90 basis points.\u00a0 Scotiabank&#8217;s Common Equity Tier 1 capital ratio would be impacted by approximately 135 basis points, if the transaction is completed and the Said family tenders all of its shares to Scotiabank.<\/p>\n<p>This transaction is in line with Scotiabank&#8217;s strategy to increase scale within the Chilean banking sector and the Pacific Alliance countries. It will double Scotiabank&#8217;s market share in <span class=\"xn-location\">Chile<\/span> to approximately 14%, and make Scotiabank the 3<sup>rd<\/sup> largest private sector bank in the country.<\/p>\n<p>&#8220;We are pleased to have reached an agreement with BBVA to acquire their shares of BBVA Chile.\u00a0 We look forward to a partnership with the Said family and to build a better bank in <span class=\"xn-location\">Chile<\/span>,&#8221; said <span class=\"xn-person\">Brian Porter<\/span>, President and CEO at Scotiabank.\u00a0 &#8220;BBVA Chile has a proven track record of providing leading financial products and services to customers across the country and this transaction demonstrates excellent synergy between both banks with customer-centric cultures.&#8221;<\/p>\n<p>&#8220;This acquisition allows us to create a leading bank in <span class=\"xn-location\">Chile<\/span> underpinned by a solid risk culture and provides opportunities to accelerate our digital transformation, while building a high performance team,&#8221; said Ignacio (Nacho) Deschamps, Group Head, International Banking and Digital Transformation at Scotiabank.<\/p>\n<p><b>Conference call <\/b><\/p>\n<p>A conference call will take place on <span class=\"xn-chron\">December 5, 2017<\/span>, at <span class=\"xn-chron\">8:30 a.m. ET<\/span>. Interested parties are invited to access the call live, in listen-only mode, by telephone at (416) 640-5944, or toll-free at 1-800-281-7973 (please call five to 15 minutes in advance). In addition, an accompanying slide presentation may be accessed via the Investor Relations page of <a target=\"_blank\" href=\"http:\/\/www.scotiabank.com\/\" rel=\"nofollow\">www.scotiabank.com<\/a>. Following discussion of the transaction by Scotiabank executives, there will be a question and answer session.<\/p>\n<p>A telephone replay of the conference call will be available from <span class=\"xn-chron\">December 5, 2017<\/span>, to <span class=\"xn-chron\">December 20, 2017<\/span>, by calling (647) 436-0148 or 1-888-203-1112 (<span class=\"xn-location\">North America<\/span> toll-free) and entering the identification code 9422114#.<\/p>\n<p><b>About Scotiabank<br \/><\/b>Scotiabank is <span class=\"xn-location\">Canada&#8217;s<\/span> international bank and a leading financial services provider in <span class=\"xn-location\">North America<\/span>, <span class=\"xn-location\">Latin America<\/span>, the <span class=\"xn-location\">Caribbean<\/span> and <span class=\"xn-location\">Central America<\/span>, and <span class=\"xn-location\">Asia-Pacific<\/span>. We are dedicated to helping our 24 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 88,000 employees and assets of over <span class=\"xn-money\">$915 billion<\/span> (as at <span class=\"xn-chron\">October 31, 2017<\/span>), Scotiabank trades on the <span class=\"xn-location\">Toronto<\/span> (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit\u00a0<a target=\"_blank\" href=\"http:\/\/www.scotiabank.com\/\" rel=\"nofollow\">http:\/\/www.scotiabank.com<\/a> and follow us on Twitter <a target=\"_blank\" href=\"http:\/\/twitter.com\/@Scotiabank\" rel=\"nofollow\">@Scotiabank<\/a>.<\/p>\n<p>Media enquiries: Marcelo Gomez-Wiuckstern, Global Communications, 416-933-1344, <a target=\"_blank\" href=\"mailto:marcelo.gomez-wiuckstern@scotiabank.com\" rel=\"nofollow\">marcelo.gomez-wiuckstern@scotiabank.com<\/a>; Investor Relations: <span class=\"xn-person\">Adam Borgatti<\/span>, 416-866-5042, <a target=\"_blank\" href=\"mailto:adam.borgatti@scotiabank.com\" rel=\"nofollow\">adam.borgatti@scotiabank.com<\/a> <\/p>\n<p><\/p>\n<p>SOURCE  Scotiabank<\/p>\n<\/div>\n<p> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">TORONTO<\/span> and <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Dec. 5, 2017<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; Scotiabank announced today that Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) has formally accepted Scotiabank&#8217;s offer to acquire its 68.19% ownership in BBVA Chile, and its interests in certain subsidiaries, for approximately <span class=\"xn-money\">US$ 2.2 billion<\/span> (<span class=\"xn-money\">CAD$ 2.9 billion<\/span>). Scotiabank has entered into definitive agreements with BBVA and intends to merge&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-58625","post","type-post","status-publish","format-standard","hentry","category-general"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/58625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/comments?post=58625"}],"version-history":[{"count":0,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/58625\/revisions"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=58625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=58625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=58625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}