Andes off: Spain's BBVA explores sale of €1.2bn Chilean retail bank after Scotiabank approach

William Turvill
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Spanish Bank BBV
BBVA's Chilean retail bank has a market capitalisation of around €1.2bn (Source: Getty)

Spanish bank BBVA is exploring the sale of its Chilean retail bank.

The lender announced today that Canada’s Bank of Nova Scotia had expressed an interest in buying Banco Bilbao Vizcaya Argentaria (BBVA) Chile.

“Scotiabank has requested to review non-public documentation and information from BBVA Chile and interview managers of the company in order to analyse the transaction,” the statement said.

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“The board of BBVA Chile has authorised this request upon signing a non-disclosure agreement.”

It added: “At this moment it cannot be concluded if the negotiations will lead to an agreement nor the terms of such agreement if it is finally reached.”

BBVA Chile had a market capitalisation of around €1.2bn (£1.1bn) at market close on Wednesday.

BBVA’s group share price was up almost two per cent to €7.46 at the time of writing.

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