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Scotiabank completes purchase of BBVA Chile, makes pact with Said family

Bank of Nova Scotia has closed on its purchase of a 68.19% stake in Banco Bilbao Vizcaya Argentaria Chile SA and signed a framework agreement with the family that owns a minority stake in the bank, according to documents filed July 6.

The deal will see Scotiabank Chile, the local unit of the Canadian bank, acquire Banco Bilbao Vizcaya Argentaria SA's ownership in the Chilean bank, including the Spanish bank's interests in certain subsidiaries, for about $2.2 billion, following approvals from regulators in Chile and Canada.

Under the framework agreement, the Said family, which prior to the deal owned 31.6% of BBVA Chile, will be left with a stake of between 24.1% and 25% in the merged entity and will have control of four board seats, including the chairman position.

In early June, Scotiabank launched a tender offer for BBVA Chile's shares held by independent investors, but noted it was still discussing a shareholder's agreement with the Saids.