Topic: How To Invest

The Successful Investor Hotline – Friday, December 1, 2017

Article Excerpt

BANK OF NOVA SCOTIA, $81.84, Toronto symbol BNS, has offered to acquire 68.19% of BBVA Chile. With total assets of $29 billion (Canadian), it’s the sixth-largest bank in the South American country. Bank of Nova Scotia will pay BBVA’s parent company, Banco Bilbao Vizcaya Argentaria, S.A., $2.9 billion for that stake. The Said family controls the other 31.62% of BBVA Chile. They have the option of selling their shares to Bank of Nova Scotia at the same price. The purchase would make Bank of Nova Scotia the third-largest, non-state-owned bank in Chile with 14% of the market. The bank aims to complete the transaction in mid-2018. Meantime, Bank of Nova Scotia earned $2.01 billion in its fiscal 2017 fourth quarter, ended October 31, 2017. That’s up 3.3% from $1.94 billion a year earlier. Due to fewer shares outstanding, per-share earnings rose 4.4%, to $1.65 from $1.58. That missed the consensus estimate of $1.66. In the quarter, earnings from Canadian banking operations (52% of the total)…