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URL:  http://boards.fool.com/scotiabank-to-expand-in-brazil-28768147.aspx

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. "


cont'd


http://www.bloomberg.com/news/2010-09-16/scotiabank-agrees-t...
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