The Bank of Nova Scotia (Scotiabank) has agreed to acquire an additional 7% stake in its Chilean operations for approximately C$500m ($400m).

The acquisition from the Said family will boost the bank’s ownership of Scotiabank Chile to 83%.

Subject to customary closing conditions and regulatory approvals, the deal is a strategic focus on Scotiabank’s operations across its network.

The transaction will affect the bank’s common equity tier 1 capital ratio by eight basis points, the company said.

Scotiabank president and CEO Brian Porter said: “Scotiabank’s presence in Chile is a key pillar of our International Business and we are pleased to further strengthen our operations in the country.

“We are grateful for our ongoing partnership with the Said family and look forward to building on our momentum in Chile over the coming years.”

In 2018, Scotiabank acquired 68.19% interest in BBVA Chile and other companies from Spanish banking group BBVA for nearly $2.2bn. The deal was part of Scotiabank’s plan to boost its presence in Chile and the Pacific Alliance countries.

Over the past months, Scotiabank entered multiple deals, including sale of Scotiabank Belize (SBL) and operations in the British Virgin Islands (BVI).