TORONTO, May 3, 2021 /CNW/ - The Bank of Nova Scotia ("Scotiabank") announced today
that it has 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.
"Scotiabank's presence in Chile
is a key pillar of our International Business and we are pleased to
further strengthen our operations in the country," said
Brian Porter, President and CEO,
Scotiabank. "We are grateful for our ongoing partnership with the
Said family and look forward to building on our momentum in
Chile over the coming years."
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 CAD$500
million, and completion of the sale will impact Scotiabank's
Common Equity Tier 1 capital ratio by approximately eight basis
points.
Last year, Scotiabank was awarded the title of Chile's Best Bank, as well as Latin America's Best Bank Transformation by
Euromoney magazine.
About Scotiabank
Scotiabank is a leading bank in the
Americas. Guided by our purpose: "for every future", we help our
customers, their families and their communities achieve success
through 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.
With a team of approximately 90,000 employees and assets of
approximately $1.2 trillion (as at
January 31, 2021), Scotiabank trades
on the Toronto Stock Exchange (TSX: BNS) and New York Stock
Exchange (NYSE: BNS). For more information, please visit
http://www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
SOURCE Scotiabank