Banco Bilbao Vizcaya Argentaria SA confirmed that it will not sell Chilean automobile financing unit FORUM Servicios Financieros SA for the time being.
"As of today, BBVA considers that maintaining Forum within the group is the alternative that generates the highest value for our shareholders," the bank said in a statement to S&P Global Market Intelligence.
Chilean daily Diario Financiero reported earlier, citing anonymous sources, that BBVA likely received offers of about €600 million for FORUM, but felt that it can extract more value from the business. FORUM financed the purchase of almost 25% of the cars sold in Chile in 2018 and currently holds a 32.8% share in Chile's automobile financing market, according to that report.
BBVA sold its Chilean banking unit to Bank of Nova Scotia in 2018.