October 18, 2017 / 3:45 PM / in a month

Canadian Scotiabank looks to sell gold trading unit on scandal: FT

(Reuters) - Canadian Bank of Nova Scotia (BNS.TO) has put its gold business up for sale in the aftermath of a massive money laundering scandal centered on a U.S. refinery that involved smuggled gold from South America, the Financial Times reported.

FILE PHOTO: A woman leaves a Bank of Nova Scotia (Scotiabank) branch in Ottawa, Ontario, Canada, on May 31, 2016. REUTERS/Chris Wattie/File Photo

FT said the bank’s ScotiaMocatta business is one of London’s main gold trading banks and is being sold by JPMorgan, according to people familiar with the process. (on.ft.com/2yzk6dt)

The FT report said Chinese buyers are rumored to be the key targets of the Scotiabank sale, according to people in the market.

Reuters reached out to the bank for a comment but it was not immediately available.

Scotiabank, which has the biggest foreign presence of any Canadian bank, is focusing its international strategy on the Pacific Alliance, a Latin American trade bloc comprising Mexico, Peru, Chile and Colombia. [nL8N1LF2RR]

Reporting by Taenaz Shakir

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