Scotiabank buying stake in Chinese bank

Scotiabank buying stake in Chinese bank - Scotiabank buying...

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Scotiabank buying stake in Chinese bank Toronto — The Canadian Press - Friday, Sep. 09, 2011 Bank of Nova Scotia ( BNS-T 52.81-0.44-0.83%) is buying nearly 20 per cent of a Chinese bank in a deal worth about $719-million. The big Canadian bank said early Friday it had been chosen as the winning bidder to acquire 19.99 per cent of the Bank of Guangzhou (BGZ). The Chinese bank is not publicly listed and is primarily government owned. With assets of $24-billion and customer deposits of $16-billion at the end of June 2011, BGZ is the 29th largest bank in mainland China. The bank operates in a fast growing region of southern China, with an expanding middle class that has benefited from China’s growing trade with the world. The Chinese bank has a growing retail customer base and also focuses on providing corporate and treasury services to companies in China. The investment, which remains subject to regulatory approval, will boost profits in 2012, the bank said in a statement. Scotiabank, Canada’s most international bank, said the transaction is expected
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This note was uploaded on 02/19/2012 for the course ACCT 4490 taught by Professor Barry during the Spring '12 term at Saint Mary's University Texas.

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