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BBVA receives an offer from Scotiabank for BBVA Chile for 1,850 million euros

The Spanish banking group BBVA received a binding offer from the Bank of Nova Scotia (Scotiabank) group to acquire 2,200 million dollars (about 1,850 million euros) for its participation of approximately 68.19% in BBVA Chile, the Spanish entity informed the National Securities Market Commission (CNMV), the Spanish stock exchange regulator.

Madrid, Nov 28 (EFE) .- The Spanish banking group BBVA received a binding offer from the Bank of Nova Scotia (Scotiabank) group to acquire 2,200 million dollars (about 1,850 million dollars). of euros) its participation of approximately 68.19% in BBVA Chile, the Spanish entity informed the National Securities Market Commission (CNMV), the securities regulator of Spain.

The operation, according to BBVA, would generate a net capital gain of approximately 640 million euros (761 million dollars).

The entity ensures that it wants to accept this offer, but that maintains with the remaining majority shareholders of BBVA Chile (owners of approximately 31.62%) a corporate pact since 1998 that gives them the right to acquire preferred and accompanying.

Therefore, the Spanish bank will communicate the offer to these shareholders so that they can exercise, if they wish, the right of preferential acquisition of the shares of the entity or the right of accompaniment, which entitles them to sell their securities in BBVA Chile to Scotiabank under the same conditions as BBVA.

The offer to buy, requires the entity, is directed both to its participation in BBVA Chile and to other companies of its group in the Latin American country with activities related to said banking business, among the that BBVA Seguros Vida is located.

However, the participation of the BBVA Group in the entities dedicated to the car financing business of the Forum group is excluded from the offer. those of other entities of the group in Chile dedicated to corporate activities.

BBVA started its activity in Chile in 1988, when it entered as a main shareholder in the BHIF bank and in 2003 changed its corporate name to become BBVA Chile.

It has six subsidiaries and is also present in Forum Servicios Financieros, the largest automotive financial country, and there is also BBVA Seguros de Vida.

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