Elevate your local knowledge
Sign up for the iNFOnews newsletter today!
Scotiabank deal to sell Malaysian unit called off after deadline missed
TORONTO – Scotiabank’s deal to sell its Malaysian unit to Cathay Financial Holding Co Ltd. has been called off.
The Canadian bank said the deal did not close before a pre-agreed deadline and as a result it will not be moving forward.
Scotiabank had reached an agreement to sell the Bank of Nova Scotia Berhad last year.
It says it is now reviewing its strategic options for its Malaysia franchise.
Bank spokeswoman Debra Chan said with a long-standing presence in Asia-Pacific, Scotiabank sees the region as an important part of its international footprint.
Chan noted the transaction was not financially material to Scotiabank.
Companies in this story: (TSX:BNS)
News from © iNFOnews.ca, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community?
You must be logged in to post a comment.
