Spanish banking group BBVA has announced in a statement that it is looking at the possible sale of its Chilean arm to Canadian bank Nova Scotia (Scotiabank).
BBVA said both entities are in talks following the interest Scotiabank expressed in purchasing full capital of BBVA Chile.
“Scotiabank has requested to review internal documentation and information from BBVA Chile as well as interview managers of the firm in order to analyse the transaction. In response to that, the board of BBVA Chile has authorised that request upon signing a non-disclosure agreement”, BBVA said.
BBVA also highlighted that at this stage, it cannot say whether the negotiations will lead to an agreement, and if it does, what would be the terms of the deal.
BBVA Chile had a market capitalisation of around €1.2bn at market close on 30 August 2017.