Scotia Confirms Chile Bank Talks

Scotiabank said Friday it had signed an exclusivity agreement with Inversiones Norte Sur related to discussions concerning its shareholding in Chile’s Banco del Desarrollo. Discussions are continuing. The transaction has an estimated value of $1bn, according to Chilean media. The rumors follow Citi’s purchase of a piece of Banco de Chile, which Moody’s predicted would have wider repercussions. Other potential targets in Chilean bank M&A include CorpBanca and Banco Security, according to the agency.