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Scotiabank Chile eyes final integration with BBVA Chile in September 2019

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Scotiabank Chile eyes final integration with BBVA Chile in September 2019

Scotiabank Chile expects to complete the final integration with Banco Bilbao Vizcaya Argentaria Chile SA in September 2019, Pulso reported, citing Scotiabank Chile's country head, Francisco Sardón.

The final integration will involve the synthesis of the operating systems of both institutions.

The bank is also hoping to have the merger's first joint-operational day in September, Sardón said.

In conjunction, Scotiabank will leave its current office, located at Calle Morandé N°226, Santiago, as it looks to transfer to BBVA Chile's facilities in Santiago in Las Condes. The bank plans to sell or lease 80% of its current office, Sardón noted.

The merger is waiting for the approval of the national economic prosecutor's office, or FNE. Bank of Nova Scotia reportedly has already received authorization from Chilean banking and financial industry regulator SBIF to acquire BBVA Chile.