Media releases stated that the Canadian bank revealed in a statement that discussions were continuing with Inversiones Norte Sur, which, according to Reuters, holds a 39.4% stake in the Chilean bank, making it the principal shareholder.
Bloomberg reported that the Canadian finance group was seeking to expand in countries such as Chile, where it currently has 56 branches and 115 ATMs in operation. Citing Diario Financiero as a source, Bloomberg also reported that Scotiabank may launch a bid as much as $1.08 billion to buy 100% of Banco del Desarrollo.
If the transaction is successful, Scotiabank will reportedly increase its Chilean market share to 6.5% from 2.5%.
