Scotiabank says to explore sale of CI Financial stake

Wed May 14, 2014 5:51pm EDT
 
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TORONTO May 14 (Reuters) - Bank of Nova Scotia said on Wednesday it will explore options to divest itself of some or all of its 37 percent stake in asset manager CI Financial "over time."

Canada's No. 3 bank, which acquired the CI stake from insurer Sun Life Financial Inc in 2008, said in a statement it would pursue partial or full monetization of the investment "in one, or a series of transactions."

Scotiabank, which estimated the market value of the CI stake at C$3.8 billion ($3.48 billion), said there were no assurances that any transaction will be completed.

($1 = 1.0906 Canadian Dollars) (Reporting by Cameron French; Editing by Lisa Shumaker)