Canada's Bank of Nova Scotia received authorization from Chilean banking and financial industry regulator SBIF to acquire Banco Bilbao Vizcaya Argentaria Chile SA, Diario Financiero reported, citing sources "knowledgeable of the talks."
SBIF sent a letter to Francisco Sardón, Scotiabank Chile's country head, relaying its approval of the deal between Scotiabank and Banco Bilbao Vizcaya Argentaria SA, the sources reportedly said.
Earlier reports said the regulator would approve the transaction before March 11.
Meanwhile, Canadian regulator OSFI also issued an authorization of the purchase after approving the "integrity" of the Scotiabank-BBVA Chile business, Diario Financiero reported separately, citing a senior executive of the Canadian bank.
After obtaining regulatory approval, Scotiabank is expected to implement a public acquisition offer of BBVA Chile's shares in a period of 30 days. The deal is expected to conclude in June 2019.
