February 12, 2018 / 1:21 PM / a year ago

Scotiabank to buy Canadian investment firm for $950 million Canadian dollars

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

(Reuters) - Canada’s Bank of Nova Scotia (BNS.TO) said on Monday it had agreed to buy investment firm Jarislowsky Fraser for $950 million Canadian dollars mostly in stock.

The deal, valued at $755.35 million in U.S. dollars, is the second this year for Scotiabank, which has focused on growing its operations in the Pacific Alliance - a Latin American trading bloc comprising Mexico, Peru, Chile and Columbia.

Scotiabank, Canada’s third-biggest lender, had agreed to buy a portion of Citibank’s operations in Columbia last month.

Scotiabank said the latest deal would C$40 billion in Jarislowsky’s assets under management and add to earnings by 2020.

Scotiabank said it intends to buy back some shares to offset the dilution expected by the deal.

($1 = 1.2577 Canadian dollars)

Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Bernard Orr

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