BNS signs deal to increase stake in Scotiabank Chile... The Bank of Nova Scotia has signed a deal to buy Grupo Said’s 16.8 per cent stake in Scotiabank Chile in an agreement valued at $1.3 billion in cash and shares.
The purchase will increase Scotiabank’s stake in the Chilean business to 99.8 per cent.
Scotiabank CEO Brian Porter says the acquisition will further strengthen its position as a leading bank in the Americas.
Under the deal, Scotiabank will pay $650 million in cash and issue seven million shares to Grupo Said.
It says the transaction will add about $35 million per quarter to the bank’s earnings and be immediately accretive to earnings per share.
The deal is subject to customary closing conditions and regulatory approvals.