BBVA’s Chilean branch pinpointed by Scotiabank in potential acquisition

By zaymalz malz

BBVA, a multinational Spanish banking group, has revealed that it is considering the sale of its Chilean bank following Canada’s Scotiabank’s revealed interest in buying the entirety of the branch.

BBVA currently owns a 68% stake in BBVA Chile, with 29% of the remaining shares being held with the Said family and the rest in free float.

Although a spokesperson for BBVA could not confirm the details of the deal, they did disclose that the company did not have intentions of leaving Chile fully due to owning a consumer finance unit there.

See Also:

The Spanish bank has relied heavily upon its foreign assets of late to maintain profits due to a weak domestic performance, with 40% of profits coming from Mexico. Its Chilean bank is part of this, recording a €96mn (US$114mn) net profit in the first half.

"At this time, no formal agreement is in place and there can be no assurance that this process will result in a final agreement," said BBVA.

However, if a deal does come to fruition, Scotiabank would further bolster its foreign presence, already the greatest of any Canadian bank. The discussions over a potential acquisiton come at a time when the Canadian bank is investing heavily, having signed an C$800mn deal for the Air Canada Centre to be renamed the Scotiabank Arena for the next 20 years.

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI