Bank of Nova Scotia Buys Remaining Stake in Scotiabank Chile for C$1.3 Billion

By Adriano Marchese

Bank of Nova Scotia said Monday that it has increased its stake in Scotiabank Chile to near-total for 1.3 billion Canadian dollars, the equivalent of US$1.02 billion.

The Canadian banking and financial services company said it has acquired Grupo Said's remaining 16.8% stake in the Chilean bank, bringing its ownership in Scotiabank Chile to 99.8%.

Bank of Nova Scotia will pay C$650 million cash and issue seven million shares to Grupo Said to pay for the stake.

The company said the transaction supports its strategic focus on operations where it can achieve greater scale and deliver value to its customers.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

02-28-22 0739ET