The deal for Banco Dominicano del Progreso will double Scotiabank’s customer base in the country
Scotiabank’s recent acquistions were a complimentary fit
The transaction is intended to double Scotia’s presence in Chile
Transaction adds more than 500,000 new customers
The announcement follows a similar proposal against TD Asset Management launched in April and the CSA’s proposal to ban mutual fund firms from paying discount brokerages trailer fees
The transaction allows the bank to increase its reliance on wealth management as a source of earnings
MD Financial will operate as a distinct, stand-alone brand within Scotia Wealth Management upon the closing of the deal
The four portfolios each invest in one or more underlying ETFs
Raj Viswanathan named acting CFO
Recently announced acquisitions in Chile, Colombia and Peru are expected to close in the second half of this fiscal year