Toronto-based Bank of Nova Scotia has closed the acquisition of the 68.19% interest in Banco Bilbao Vizcaya Argentaria, Chile (BBVA Chile) owned by Banco Bilbao Vizcaya Argentaria S.A.
This transaction is intended to double Scotiabank’s presence in Chile to approximately 14% market share in total loans, making it one of the largest private banks in the country.
Scotiabank is ready to initiate the integration efforts led by local resources within Chile. The next milestone in this process is the merger of BBVA Chile into Scotiabank Chile, which is pending approval from the Superintendent of Banks and financial Institutions in Chile.
On July 3, Scotiabank announced it had completed the acquisition of Citibank’s Colombia’s consumer (retail and credit cards) and small and medium enterprise operations through Scotiabank Colpatria S.A., its Colombia-based subsidiary.