Scotiabank’s acquisition of an approximate 68% interest in Banco Bilbao Vizcaya Argentaria, Chile (BBVA Chile) has closed.

The acquisition is part of Scotiabank’s strategy to increase its presence in the Chilean market and Pacific Alliance countries, a release from the bank said. The sale doubles Scotiabank’s Chilean presence to about 14% of market share in total loans, making it one of the largest private banks in the country.

The next milestone in the acquisition process is the merger of BBVA Chile into Scotiabank Chile, pending approval from the Superintendent of Banks and Financial Institutions in Chile.

Scotiabank has also reached an agreement with the Chilean Said family, part owner of BBVA Chile, to remain invested in BBVA Chile and to participate in the merger of the two banks, the release said. The Said family will have a participation of close to 25% in the merged bank.

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