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  • Jun. 20, 2014, 6:29 PM
    • Scotiabank (BNS) is buying a 51% stake in Chilean retailer Cencosud's financial services unit for C$300M ($278M).
    • The business handles 2.5M credit cards and over $1.2B in outstanding balances; its acquisition will make Scotiabank the #3 credit card provider in Chile.
    • As part of the deal, Scotiabank and Cencosud are entering into a 15-year partnership to "manage the credit card business and provide additional products and services to customers of both organizations."
    • Scotiabank already has ~3.8K employees, 130 branches, and 166 ABMs in Chile. EVP Wendy Hannam calls the purchase "consistent with [Scotiabank's] focus on growing in key markets in Latin America."
    | Jun. 20, 2014, 6:29 PM | 1 Comment
  • Jul. 12, 2013, 7:52 AM

    Scotiabank (BNS) scraps its effort to buy a 19.99% stake on Bank of Guangzhou after having "re-evaluated the proposed partnership in light of changing conditions." (PR)

    | Jul. 12, 2013, 7:52 AM
  • Sep. 11, 2012, 5:54 PM

    The fate of Cnooc's (CEO) $15B takeover bid for Canada's Nexen (NXY) could depend on the outcome of a much smaller deal: Bank of Nova Scotia's (BNS) pending C$720M takeover of the Bank of Guangzhou. The bank deal is an example of the reciprocity Stephen Harper’s government insists it wants, but the Canadian bank has been waiting for Chinese government approval since Christmas.

    | Sep. 11, 2012, 5:54 PM
  • Aug. 29, 2012, 4:28 PM

    Scotiabank (BNS) agrees to buy the Canadian unit of ING for $3.1B, with the net investment (after deducting excess capital at ING Bank of Canada) footing to $1.9B. To fund the purchase, Scotiabank will undertake a secondary of 29M shares at $52. BNS -2.1%, ING +1.7% AH. (PR)

    | Aug. 29, 2012, 4:28 PM | 3 Comments