Scotiabank to increase ownership in Scotiabank Chile

On May 3, 2021, The Bank of Nova Scotia ("Scotiabank") announced that it reached an agreement to increase ownership in its Chilean operations ("Scotiabank Chile") through acquisition of an additional 7.0% stake from the Said family. Upon closing, Scotiabank's ownership in Scotiabank Chile will increase to 83%. The transaction is subject to customary closing conditions and regulatory approvals.

This transaction supports Scotiabank's strategic focus on operations across its footprint where it can achieve greater scale and deliver the highest value for customers. The transaction is valued at approximately C$500 million. 

Scotiabank is a leading bank in the Americas. It provides a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. In 2020, Scotiabank was awarded the title of Chile's Best Bank, as well as Latin America's Best Bank Transformation, by Euromoney magazine.

Further information can be found on Canada Newswire’s website.