Scotiabank completes the purchase of a majority stake in BBVA Chile

On July 6, 2018, following approvals from the regulatory entities in Chile and Canada, Scotiabank announced the closing of its acquisition of the 68.19-per-cent interest in Banco Bilbao Vizcaya Argentaria, Chile (BBVA Chile) owned by Banco Bilbao Vizcaya Argentaria, S.A. 

Scotiabank also announced that it reached an agreement with the Said family, a minority partner with a 31.62-per-cent stake in the BBVA Chile, to remain invested in BBVA Chile and to participate in the merger of the two banks. The Said family will have a participation of close to 25 per cent in the merged bank. 

The Bank of Nova Scotia was represented internally by Ian Arellano, EVP and General Counsel, Anita Mackey, SVP and Associate General Counsel, Alex MacMillan, Senior Counsel, Strategic Transactions and Marita Bellido Arregui, International Legal Counsel. Torys LLP provided external support in Canada, while Carey provided external support in Chile. The Torys’ team was led by (Ricco) A.S. Bhasin and included Cameron Koziskie, Konata Lake, Kevin Armitage, Selam Ibrahim and Jessica He (corporate/M&A). Carey’s team was led by partners Felipe Moro and Cristián Eyzaguirre, with the assistance of partners Claudio Lizana, Matías Vergara and Jessica Power, and associates Fernando Noriega, Manuel José Garcés, María José Martínez, Natalia Acevedo, Nicolás Calderón and Benjamín García. 

BBVA was represented by external Spanish counsel Uría Menéndez led by partner Juan Martín Perrotto, with the assistance of partners Stephen Hess and Rafael García and associates Alex Bircham, Arlanza Sánchez and Marta Giner, and external Chilean counsel Phillippi Prietocarrioza Ferrero DU & Uría with a team led by Juan Francisco Gutiérrez and included partners Andrés Sanfuentes, Guillermo Infante and Paulina Miranda, director Ignacio Larraín and associates Constanza Rodríguez, Diego Bunster, Sebastián Melero, María Luisa Marraccini, Álvaro Espinosa, Gabriel Budnik and Juan Ignacio Pitta.