Scotiabank Looks to Expand without Big U.S. Deal

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00009906-scotiabank-looks-to-expand-without-big-us/

TORONTO – Bank of Nova Scotia reported a 17 percent jump in third-quarter profit on Tuesday and said it had its eyes peeled for assets in countries where it already operates instead of hunting for pricey U.S. acquisitions.

Scotiabank, Canada’s third-largest bank by assets, has recently steered clear of the coveted U.S. branch banking market because assets on the block have fetched top dollar, chief executive Rick Waugh said.

But Waugh told analysts the bank is still “blessed with other options.”

The financial institution, which once had C$2 billion ($1.5 billion) earmarked for an acquisition in the United States, operates in more than 50 countries. It has U.S. lending operations, but no retail banking there.

For this complete story, please visit Scotiabank Looks to Expand without Big U.S. Deal.

Scotiabank Looks to Expand without Big U.S. Deal

Unknown Author

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