Bank of Nova Scotia main branch in Calgary, Alberta

Bank of Nova Scotia’s deal to sell its Malaysian unit to Cathay Financial Holding Co Ltd. has been called off.

The Canadian bank said the deal did not close before a pre-agreed deadline and as a result it will not be moving forward.

Scotiabank had reached an agreement to sell the Bank of Nova Scotia Berhad last year.

The Toronto-based bank now says it is now reviewing its strategic options for its Malaysia franchise.

Bank spokeswoman Debra Chan said with a long-standing presence in Asia-Pacific, Scotiabank sees the region as an important part of its international footprint.

Chan noted the transaction was not financially material to Scotiabank.