Canadian lender Scotiabank is in negotiations with BBVA Spain to buy BBVA Chile, the Chilean retail bank of BBVA.

“BBVA confirms that The Bank of Nova Scotia (“Scotiabank”) has expressed its non-binding interest to acquire up to 100% of the share capital of Banco Bilbao Vizcaya Argentaria Chile (“BBVA Chile”), BBVA said in a statement.

The parties however, said that the talks leading to a final deal is still uncertain with no formal agreement signed.

“Scotiabank has requested to review non-public documentation and information from BBVA Chile and interview managers of the Company in order to analyze the transaction. The Board of BBVA Chile has authorized this request upon signing a non-disclosure agreement,” the Spanish bank stated.

Scotiabank called Chile a significant part of the Pacific Alliance strategy, which also focuses on the markets of Mexico, Peru, and Colombia.

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