Scotiabank Launches Tender Offer for Interfin
Panama-based BNS Internacional, a subsidiary of Canada's Scotiabank, launched on June 29 a tender offer for 100% of Costa Rican holding company Corporación Interfin, an official from local securities regulator Sugeval confirmed by Business News Americas.

The offer, at US$1.66 per share, expires on July 14.

Scotiabank has stated its intention to purchase 100% of Interfin for US$294 million. However, "what Scotiabank has for sure is about 78% [of Interfin] as it reached an agreement with Interfin's three main shareholders. But whether Scotiabank acquires the remainder will depend on stockholders, who may prefer not to sell their shares, which has happened before," a broker told BNamericas.

In 1999 Panama-based financial group Grupo Banistmo launched a tender offer for Costa Rica's Corporación Banex and a few stockholders decided to not sell their shares, expecting to get a better price, something which never happened, the stockbroker said.

These shares became extremely illiquid and Banistmo is still trying to find a way to control 100% of Banex, the trader added.

Corporación Interfin is the holding company for Costa Rica's fourth largest bank Banco Interfin, which had an assets market share of 7.4% at end-March this year. Corporación Interfin also owns leasing companies, a stock brokerage, an offshore bank and a pension company.

Scotiabank plans to merge Interfin with its Costa Rican subsidiary, resulting in a bank with loan and deposit market shares of 13% and 8% respectively.

In Latin America, Scotiabank operates in Mexico, Peru, El Salvador, the Dominican Republic, Puerto Rico, Panama, Belize and Chile.