Scotiabank said Tuesday it has submitted a binding offer to acquire Banco Bilbao Vizcaya Argentaria, S.A.’s (BBVA) interests in its Chilean banking operation, BBVA Chile, and certain subsidiaries. Scotiabank has been investing in region in recent years, with the aim of cashing in on the relatively low banking rates. Article Continued Below“This is a high-quality asset bank,” Scotiabank’s president and chief executive Brian Porter, told analysts on a conference call. Scotiabank posted net interest income, or the profit generated from loans, of $3.83 billion, up 5 per cent from a year earlier. Scotiabank’s latest quarter was helped by its Canadian banking division, with net income attributable to shareholders up by 12 per cent to $1.06 billion.

Source: thestar November 28, 2017 17:52 UTC