Spanish bank Banco Bilbao Vizcaya Argentaria SA or BBVA (BBVA) announced Monday that it has completed the sale of its stake in Banco Bilbao Vizcaya Argentaria, Chile or BBVA Chile to Canadian lender Bank of Nova Scotia, called as Scotiabank, (BNS.TO,BNS).
BBVA’s stake in BBVA Chile amounts to approximately 68.19% of its share capital. The sale was made after obtaining all required authorizations, the firm said.
The company said the consideration received in cash by BBVA as consequence of the referred sale amounts to approximately $2.20 billion. The transaction results in a capital gain net of taxes of approximately 640 million euros and in a positive impact on BBVA Group’s Common Equity Tier 1 of approximately 50 basis points.
These impacts will be recorded in BBVA Group´s third quarter financial statements for FY 2018.
by RTTNews Staff Writer
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