The Globe and Mail reports in its Friday edition that Bank of Nova Scotia is in talks to
sell its business in Malaysia,
where the bank has operated
since 1973, to Cathay Financial
Holding. The Globe's James Bradshaw writes that Scotiabank has entered exclusive
negotiations to sell 100 per
cent of its subsidiary, Bank of
Nova Scotia Berhad, with two of
Taiwan-based Cathay's own subsidiaries,
Cathay United Bank and
Cathay Life Insurance.
The proposed sale, which was
disclosed in a filing with the Taiwan
Stock Exchange, is still subject
to due diligence and
approvals from Malaysian and
Taiwanese regulators, and the
window of exclusivity expires on
April 30.
At the end of 2016, Scotiabank
valued its Malaysian subsidiary,
which is based in Kuala Lumpur,
at $311-million. Scotiabank closed Thursday at $79.09, down 37 cents on the Toronto Stock Exchange.
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