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.