Scotiabank receives approval from SBIF for merger with BBVA



Scotiabank already has the approval of the superintention of banks and financial institutions (SBIF) to complete the merger with BBVA.

In this way he obtained the final approval he needed to proceed to a legal merger and to work with a single RUT called Legal Day One.

Against this background, Scotiabank is now preparing to complete the merger in the time limit imposed on itself, that is to say, to start in September.

The bank simply waited for the approval of the SBIF to arrive on the first twenty August, because the entity needs time to pay the dividends agreed at the last shareholders meeting of Scotiabank and BBVA.

That body will also pay dividends to the Said family, which will be used to achieve the 24.2% share they have defined, the merged bank.

According to the merger agreement approved by both participating entities, the aforementioned funds, charged to retained earnings, must be paid before the date of entry into force of the merger. Therefore, they can only reach Legal Day One after they have been distributed.

So now the bank will use these weeks to realize this process.

This is also seen that two banks can not merge on any date, but rather, the first day that starts a month, so September is positioned as the ideal month, because it has multiple holidays thanks to national holidays, as noted in March this year. the same general manager of Scotiabank, Francisco Sardón.

The conditions that Scotiabank has set to complete the merger are ambitious. In fact, sources in the entity's neighborhood say that the Scotiabank pilot has declared Chile one of its goals is to make the fastest merger observed in the local industry: if it were to take place in September, it would be nine months .

But that is not the only goal Sardón has communicated with the bank, there are also two other objectives to fulfill: not having exhaustion, that is, not losing customers and not losing talents, although they are clear that they need to let some executives go where there is double cost.


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