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Scotiabank offers to buy BBVA's stake in Chilean unit for $2.2B

Banco Bilbao Vizcaya Argentaria SA said it received a binding offer from Bank of Nova Scotia for the Spanish banking group's 68.19% stake in Banco Bilbao Vizcaya Argentaria Chile SA and other related businesses for about $2.2 billion.

The offer does not include the automobile financing activity of Grupo Forum, which will continue to be 100% owned by BBVA. The Spanish bank said it wishes to accept the offer from Scotiabank.

More details to follow.