Carey assists Scotiabank on $380m capital raise
Chilean law firm Carey advised Scotiabank Chile on a capital increase and placement of new shares for approximately $380 million.
Carey counselled the bank on all matters related to the approval, regulatory authorisations and securities registration from the Banking Superintendence and stock exchange.
Scotiabank has grown its presence in Chile, with a 14-per cent market share in total loans after acquiring a 68-per cent stake in BBVA Chile in July 2018, and which will merge BBVA Chile into Scotiabank Chile.
Partners Cristián Eyzaguirre, Felipe Moro and Cristián Figueroa led Carey’s team, with associate Matías Garcés.
Scotiabank’s in-house counsel was Rafael Bilbao, Soledad Huerta and Mariana Castro.
Carey also advised Banco Santander Chile on the negotiation of the renewal of a seven-year commercial partnership agreement with the airline LATAM related to the loyalty program Santander LATAM Pass, which enables more than one million bank customers accumulate LATAM Pass miles, among other benefits, and is the fourth-largest loyalty program in the world.
Santander and LATAM negotiated new terms and conditions of the partnership in order to strengthen the loyalty program, improve the benefits and adjust the contract to the current compliance standards of the banking and aviation industries.
Carey lawyers engaged in the negotiations were partner Francisco Ugarte and associates Alejandra Daroch, Javiera Sepúlveda and Pablo Albertz.
