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Report: Grupo Security director ups stake amid rumors of Banco Security's possible sale

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Report: Grupo Security director ups stake amid rumors of Banco Security's possible sale

director HoracioPavéz bought $10.4 million worth of shares in the company on April 12-13 amid it is negotiating the saleof its banking unit, Banco SecuritySA, to Scotiabank Chile,Diario Financiero reported April 13, citinginformation provided by Grupo Security to the Santiago stock exchange.

Pavézreportedly bought 33 million shares of Grupo Security through three investment companies:Sociedad de Ahorro Atacalco Dos, Sociedad de Ahorro Alisios Dos and Sociedad deAhorro Tenaya Dos.

The moveincreased his stake in the company by 1 percentage point to 9.63%, the report said.

BothGrupo Security and Scotiabank's parent, Canada's Bank of Nova Scotia, denied the rumors in separate emailsto S&P Global Market Intelligence, but the Chilean company's stock price rosestrongly April 12 amid heavy trading on the Santiago stock exchange.