Press Release

In the last months of 2017, the four largest transactions of the year were closed in Chile, and Carey was involved acting as advisor to one of the parties in each one. Banking, health insurance, infrastructure services and energy were the main industries involved in those deals, which all together totaled approx. USD6.7 billion.
At the end of November, the City National Bank of Florida (CNB), a subsidiary of Banco de Crédito e Inversiones (Bci), signed the purchase of TotalBank, a Spanish bank based in Miami and owned by Banco Popular Español, for USD528 million. The transaction was structured as a merger in which CNB will be the surviving entity. Once approved by US and Chilean regulators, CNB will become the third-largest bank based in Florida and within the top 2% of 5,300 national banks in the US. The transaction is expected to close in the second semester of 2018.
This transaction, in which Carey was counsel to CNB, was extremely complex, involving regulatory aspects of the US, Spain and Chile. The negotiations lasted more than eight months and had to overcome the insolvency of Banco Popular and subsequent purchase of said bank by Banco Santander.
Carey also advised Scotiabank in the acquisition of a majority stake of BBVA Chile for USD2.2 billion. Now, Scotiabank owns 68.19% of BBVA's stake, while the Said family holds the remaining 32%. Through this acquisition signed on December 4th, Scotiabank became the third largest bank in the private sector in Chile, reaching a 14% market share, equivalent to USD390 billion.
In addition, Carey advised UnitedHealth Group in the acquisition of Banmédica, a Chilean healthcare company, for USD2.7 billion. Banmédica has operations in the health insurance, healthcare and medical rescue businesses, with a presence in Chile, Colombia and Peru. The deal was signed on December 21st.
Banmédica has yearly revenues over USD2.2 billion, and more than 20,000 employees. On the other hand, UnitedHealth Group, the largest American health insurer, number thirteen on the Global 500 list and sixth on the US Fortune 500 list, is based in Minnesota and has more than 130 million global customers and more than 230,000 employees.
Finally, Carey advised Brookfield Asset Management on the sale of its 27.8% stake in Transelec to China Southern Power Grid International, a state-owned company, for USD1.3 billion. This acquisition was signed on December 26th.