The deal concentrates Scotiabank’s ownership in a market that it considers a key focus of its Latin America-focused international division. Chief Executive Officer Brian Porter has spent much of his tenure moving the unit out of smaller, less-promising markets like Puerto Rico and El Salvador and concentrating on larger countries like Mexico, Chile, Peru and Colombia, where it can build more scale.

Scotiabank will pay $1.3 billion (US$1 billion), with half the amount in cash and the rest in shares. The deal will add about $35 million per quarter in profit and immediately boost earnings per share, Scotiabank said.

“Today’s announcement enables us to achieve even greater scale and deliver the highest value for customers, further strengthening our position as a leading bank in the Americas,” Porter said in a statement. “Our long-standing relationship with the Said family will remain a significant benefit to us as we build on our momentum in Chile over the coming years.”