Scotiabank’s acquisition of 68.19% interest in Banco Bilbao Vizcaya Argentaria, Chile

Torys and Carey advised on the deal

Scotiabank, following approvals by the regulatory entities in Chile and Canada, executed its acquisition of the 68.19% interest in Banco Bilbao Vizcaya Argentaria, Chile (BBVA Chile) owned by Banco Bilbao Vizcaya Argentaria S.A.

As part of its strategy to increase its presence in the Chilean market and in the Pacific Alliance countries, this transaction will 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.

With the closing of the transaction, the Bank 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 (SBIF) in Chile.

Scotiabank also announced that it has reached an agreement with the Said family to remain invested in BBVA Chile and to participate in the merger of the two banks. The Said family will have a participation of close to 25% in the merged bank.

Torys advised Scotiabank with Ricco A.S. Bhasin, Cameron Koziskie, Konata Lake, Kevin Armitage and Selam Ibrahim.

Carey advised The Bank of Nova Scotia, Scotiabank Chile and BBVA Chile with Felipe Moro, Cristián Eyzaguirre, Cristián Figueroa, Benjamín García and Matías Garcés.

Involved fees earner: Cristián Eyzaguirre – Carey; Cristián Figueroa – Carey; Benjamín García – Carey; Matías Garcés – Carey; Felipe Moro – Carey; Cameron Koziskie – Torys LLP; A.S. Bhasin – Torys LLP; Konata Lake – Torys LLP; Kevin Armitage – Torys LLP; Selam Ibrahim – Torys LLP;

Law Firms: Carey; Torys LLP;

Clients: Scotiabank; Banco Bilbao Vizcaya Argentaria (Chile); Scotiabank Chile;

Author: Ambrogio Visconti