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Tuesday, January 11, 2011

TAKEOVERCHATTER-Canadian banks seek growth in foreign markets, (TSE: BNS), (TSE: TD), (TSE: BMO)

Canadian banks, which ended 2010 with a flurry of takeover announcements, are chomping at the bit to add assets in countries that promise more growth than the stagnant Canadian market. Bank of Nova Scotia (BNS.TO) is looking to add to its already substantial presence in Mexico and Chile, an official said on Tuesday, while Toronto-Dominion Bank's (TD.TO) chief executive said the lender will look for opportunities to build on its 1,300-strong branch presence in the United States. Their comments followed Bank of Montreal's (BMO.TO) announcement that it is buying Hong Kong-based wealth management firm Lloyd George Management to bulk up its presence in China's fast-growing financial sector.

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