The Globe and Mail reports in its Wednesday edition that Meridian Credit Union, the largest credit union in Ontario, has struck a deal with Bank of Nova Scotia to acquire part of its Roynat Inc. subsidiary. The Globe's Jacqueline Nelson writes that this Roynat unit -- Roynat Lease Finance -- works with equipment manufacturers and their customers on leasing agreements. It is the first time Meridian has done a deal outside of the credit union universe, where deals largely just involve merging balance sheets. Roynat Lease Finance will add more than 100 full-time employees to Meridian's operation with offices from British Columbia to Quebec. With the move, Meridian enters a fragmented and competitive market of more than 180 players, with $35-billion in new origination each year. The credit union sees the business as a good fit with its growth strategy. That plan includes capturing more of the small-business market and referring more of its clients. Commercial lending to small and medium-sized businesses in Ontario already makes up 31 per cent of Meridian's loan book. Its specialties are hotels and hospitality businesses, land development, and construction, so equipment financing is also a bid to diversify.