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Chilean asset manager Scotia AGF to absorb affiliate unit

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Chilean asset manager Scotia AGF to absorb affiliate unit

Shareholders of Scotia Administradora General de Fondos Chile SA approved the company's absorption of affiliate unit Scotia Azul Asset Management Administradora General de Fondos SA, according to an Aug. 20 filing.

Under the merger, Scotia AGF will acquire all assets and liabilities of Scotia Azul AGF, which will be subsequently dissolved.

The transaction will close on the first day of the calendar month succeeding the date of approval from securities regulator CMF, or on Dec. 1 at the latest.

As part of the transaction, Scotia AGF will increase its capital by about 4.12 billion Chilean pesos through the issuance of 400,000 new common shares. Shareholders of Scotia Azul AGF will receive 200 Scotia AGF shares for each share they own.

Scotia AGF and Scotia Azul AGF are asset management subsidiaries of Scotiabank Chile.

As of Aug. 19, US$1 was equivalent to 712.20 Chilean pesos.