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Scotiabank signs deal to increase stake in Chilean operations to 83 per cent

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TORONTO — The Bank of Nova Scotia says it has signed a deal to buy an additional 7.0 per cent stake in Scotiabank Chile from the Said family.

The deal will increase Scotiabank's interest in its Chilean operations to 83 per cent.

Scotiabank says the transaction is valued at about $500 million.

Scotiabank chief executive Brian Porter says the bank's presence in Chile is a key pillar of its international business.

The Toronto-based bank says the deal supports its strategic focus on operations where it can achieve greater scale and deliver the highest value for customers.

The transaction is subject to customary closing conditions and regulatory approvals.

This report by The Canadian Press was first published May 3, 2021.

Companies in this story: (TSX:BNS)

The Canadian Press