April 19, 2016 / 1:17 PM / 3 years ago

Scotiabank to sell Roynat unit's lease finance business

Snow covers the Scotiabank logo at the Bank of Nova Scotia headquarters in Toronto December 16, 2013. REUTERS/Chris Helgren

(Reuters) - Canadian lender Bank of Nova Scotia (BNS.TO) said it would sell Roynat Lease Finance, a unit of its subsidiary Roynat Inc, to Meridian Credit Union Ltd.

Reuters, citing sources, reported in January that Scotiabank was in talks to sell C$1 billion ($715 million) worth of assets within Roynat, which it acquired about 20 years ago.

Scotiabank, Canada’s No.3 lender, did not provide the financial details of the sale.

“Our Roynat business is focused on lending to mid-market companies to propel their growth and this lease finance business is not core to that offering,” Roynat President Phil Armstrong said in a statement.

Reporting by Vishaka George in Bengaluru; Editing by Kirti Pandey

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