August 5, 2008 / 11:00 AM / in 9 years

Scotiabank may pursue takeovers: report

(Reuters) - Bank of Nova Scotia BNS.TO 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.

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

“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

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