Nova Scotia to Increase Inverlat Stake

Bnamericas Published: Friday, May 07, 1999
Canada's Bank Nova Scotia plans to increase its stake in Mexico's Banco Inverlat to 55%, the bank announced. The bank is currently negociating the purchase of a further 12% with Mexican banking authorities, it said. "It's likely that the process, foreseen by 2000, is being brought forward and that Nova Scotia will capitalize the financial bond that it has made," Inverlat executive Agustin Legoretta Chauvet said. Nova Scotia's decision to increase their capital in the bank responded to the need to have Inverlat's operations capitalized, he said. Capitalizing operations is one of the most urgent problems facing the Mexican financial system. Inverlat recognized this and decided to speed up the process, he said.

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