Chile's financial market commission CMF has approved Bank of Nova Scotia's takeover of BBVA Seguros de Vida SA as part of the bank's pending purchase of Banco Bilbao Vizcaya Argentaria SA's stake in Banco Bilbao Vizcaya Argentaria Chile SA, Diario Financiero reported.
In a statement, the CMF said it has "no comments to make to the change of ownership of BBVA Seguros de Vida."
Scotiabank Chile, the local unit of Canada's Scotiabank, recently launched a tender offer to acquire all of BBVA Chile's shares for $3.01 billion. In December 2017, BBVA accepted Scotiabank's offer to acquire the Spanish lender's 68.19% ownership in the Chilean bank, including its interests in certain subsidiaries, for about $2.2 billion.
Scotiabank is still negotiating a shareholder agreement with the Said family of Chile, which holds a 31.6% stake in BBVA Chile and has the option of controlling up to 25% of the merged entity.
On June 1, Chile's competition watchdog, the FNE, authorized Scotiabank to buy BBVA Chile, following approvals from other regulators in Chile and Canada.
