CI Financial Corp. (CIFAF) - OTCPK - Current
  • May 15, 2014, 10:14 AM
    • In the green amid a slumping banking sector is Bank of Nova Scotia (BNS +0.5%) after it put its 37% stake in wealth manager CI Financial (CIFAF) on the block (CI is down 6.3% in Toronto trade).
    • Opining on the planned sale, CIBC analyst Robert Sedran says until the capital can be redeployed, the move would be dilutive to earnings to the tune of about $175M or $0.03. The sale would, however, boost Scotiabank's capital ratio by between 100 and 125 basis points - a pretty sizable move considering the current ratio is 9.4%, already slightly above the average for Canadian lenders.
    • As for what Scotiabank might do with the money, look abroad says Sedran, as he's not seeing "plentiful domestic alternatives."
    • Previously: Scotiabank stake in CI Financial on the block
    | May 15, 2014, 10:14 AM
Company Description
Currently, there's no company description for CIFAF.
Sector: Financial
Industry: Diversified Investments
Country: Canada