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Thursday, September 16, 2010

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.