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|Subject: Scotiabank to Expand in Brazil||Date: 9/16/2010 7:13 PM|
|Author: Starrob||Number: 27 of 36|
"Bank of Nova Scotia, Canada’s third-largest lender by assets, agreed to buy Dresdner Bank Brasil SA to enter the Brazilian investment-banking market.
Scotiabank will be the only Canadian bank in Brazil with multiple banking licenses to provide a range of financial services when the deal closes, the Toronto-based lender said in a statement today. The price wasn’t disclosed.
“We haven’t had a lot of doors open to us in Brazil,” Scotia Capital Co-Chief Executive Officer Stephen McDonald said today in a telephone interview. “We haven’t had an opportunity until now to knock on corporate clients’ doors and look for capital markets business.”
Chief Executive Officer Richard Waugh, 62, has spent about $2 billion in foreign acquisitions since 2007 and has been looking at Brazil for at least a year. International banking, which includes operations in Mexico, the Caribbean and Taiwan, accounted for 37 percent of the bank’s C$3.54 billion ($3.44 billion) in net income in the fiscal year ended Oct. 31. "
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