Scotiabank may pursue takeovers: report

Tue Aug 5, 2008 6:59am EDT
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(Reuters) - Bank of Nova Scotia is open to making more acquisitions of money managers in North America following last month's $442 million agreement to buy the Canadian unit of E*Trade Financial Corp, Bloomberg News reported.

"It would depend on the opportunity," the news agency quoted Barbara Mason, executive vice president of wealth management, as saying. "We're always looking. There isn't anything we'd rule out."

Canada's third-largest bank by assets has indicated that increasing asset-management fees is a priority, as it owns the smallest mutual-fund business among the country's five main banks, the news agency said.

The Toronto-based company may also look at the U.S. or other markets to expand abroad, the news agency quoted Mason saying.

(Reporting by Purwa Naveen Raman in Bangalore; Editing by Paul Bolding)

<p>The logo of Scotiabank is seen at a branch in Toronto November 9, 2007. REUTERS/Mark Blinch</p>