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Friday, November 29, 2013

Chile's CorpBanca confirms merger talks, (NYSE: BNS)

Chilean bank CorpBanca confirmed on Friday that it is studying a possible merger with a local or foreign bank, a deal that could reportedly be worth around $5 billion."CorpBanca is analyzing, with the assistance of international investment banks, a possible transaction that involves the bank in a business tie-up with national or foreign operators," the Santiago-listed bank said in a statement to the securities regulator on Friday after the market close.Local online news site El Mostrador reported on Thursday that CorpBanca was in talks with Brazilian bank Itau Unibanco , Chile's BCI, Canada's Bank of Nova Scotia (Scotiabank) and Spain's BBVA.The report cited documents it had seen prepared by Merrill Lynch, which it said was advising on the deal alongside Goldman Sachs.

The Bank of Nova Scotia (the Bank) is a diversified financial institution. Shares of BNS fell by 0.26% or $-0.16/share to $61.57. In the past year, the shares have traded as low as $52.05 and as high as $63.50. On average, 389926 shares of BNS exchange hands on a given day and today's volume is recorded at 219129.