TORONTO, Aug. 31, 2017 /CNW/ - Scotiabank today confirmed it is in non-binding, exploratory discussions with BBVA Spain, the controlling shareholder, to acquire BBVA Chile. At this time, no formal agreement is in place and there can be no assurance that this process will result in a final agreement. 

Scotiabank reiterated that Chile is an important part of the Bank's Pacific Alliance strategy, which emphasizes building scale in the higher growth markets of Mexico, Peru, Chile and Colombia.

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Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 24 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 88,000 employees and assets of over $906 billion (as at July 31, 2017), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank