A recently accepted binding offer will see Banco Bilbao Vizcaya Argentaria Chile SA merge with Scotiabank Chile, boosting the latter's ranking among Chile's largest banks.

Total assets for the combined entity will hit some 26.81 billion Chilean pesos, with BBVA Chile bringing about 14.06 billion pesos to the table. The transaction is expected to double Scotiabank's market share in Chile to approximately 14%.

Still, Banco del Estado de Chile, Banco Santander Chile, Banco de Chile and Banco de Credito e Inversiones SA will remain the Chilean banking industry's largest companies in terms of assets, with each of the four holding assets in excess of 32.00 billion pesos as of Sept. 30 on a pro forma basis.

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As of Dec. 4, US$1 was equivalent to 647.70 Chilean pesos.