Scotiabank Heads South for Takeover

Canada's 3rd largest bank, The Bank of Nova Scotia, is looking to Brazil to make takeover offers. The latest news is that Scotiabank has purchased a Brazilian banking unit of Commerzbank AG in its quest to expand globally, specifically in Asia and Latin America. Commerzbank is a German company that is selling Dresdner Bank Brasil SA. The terms of the deal were left undisclosed as Scotiabank increased its market share worldwide.