Scotiabank offers to buy BBVA Chile’s majority stake

– Canada’s Bank Of Nova Scotia said on Tuesday it offered to buy lender Banco Bilbao Vizcaya Argentaria SA’s (BBVA) majority stake in its Chile unit for about $2.2 billion (1.6 billion pounds).

BBVA owns 68.19 percent in BBVA Chile while the Chilean family Said owns 31.62 percent.

The Said family does not exercise its Right of First Refusal under the shareholders agreement between BBVA and the Said family, Scotiabank said in a statement.

BBVA said in August it was looking at the possible sale of its retail bank in Chile after Scotiabank expressed an interest in buying up to 100 percent.