TORONTO, Feb. 28, 2022 /CNW/ - The Bank of Nova Scotia ("Scotiabank" or the "Bank") announced today that it has reached an agreement to acquire Grupo Said's remaining 16.8% stake in Scotiabank Chile increasing its ownership in the Chilean entity to 99.8%. The transaction is subject to customary closing conditions and regulatory approvals.

"Today's announcement enables us to achieve even greater scale and deliver the highest value for customers, further strengthening our position as a Leading Bank in the Americas," said Brian Porter, President and CEO, Scotiabank. "Our long-standing relationship with the Said family will remain a significant benefit to us as we build on our momentum in Chile over the coming years."

The transaction is valued at approximately CAD 1.3 billion. On closing the Bank will pay CAD 650 million in cash and issue 7 million shares to Grupo Said impacting Scotiabank's Common Equity Tier 1 capital ratio by approximately 10 basis points. The transaction will add approximately CAD 35 million per quarter to the Bank's earnings and be immediately accretive to earnings per share.

This transaction supports Scotiabank's strategic focus on operations across its footprint where it can achieve greater scale and deliver the highest value for customers.

About Scotiabank
Scotiabank is a Leading Bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success 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 approximately 90,000 employees and assets of approximately $1.2 trillion (as at October 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank