Carey advises on Scotiabank, BBVA Chile merger
Carey advised Bank of Nova Scotia on the merger of operations between Scotiabank Chile and BBVA Chile, creating what will be the country’s largest private bank, operating under the name of Scotiabank Chile.
The deal includes the fulfillment of several suspensive conditions and approval from Chile’s Banks and Financial Institutions Superintendency (SBIF), the law firm said.
The deal is valued at around $1.7bn.
As a result of the merger, Scotiabank Chile is expected to become one of the largest banks in the country’s private sector, with a 14 per cent market share.
The law firm said the transaction was complex due to the short time required by Scotiabank Chile to implement the conditions, and which were necessary for the success and closure of the merger.
The deal also required authorisation from the SBIF in a record time of three weeks, together with several other conditions and agreements between the parties.
