Tuesday, September 19, 2017

Cathay Financial to buy Bank of Nova Scotia Malaysia unit

Cathay Financial Holding said its bank and life insurance units plan to jointly acquire Bank of Nova Scotia in Malaysia.

In a filing with the Taiwan Stock Exchange, the Taiwanese group said it is in exclusive talks to acquire Canada’s Bank of Nova Scotia in Malaysia although financial details were not immediately disclosed.

The Bank of Nova Scotia has 42 years of history in Malaysia.

It commenced operations in Malaysia in 1973 and was locally incorporated as the Bank of Nova Scotia in 1994.

The Canadian bank announced last year that it was disposing all of its subsidiary as part of a plan to scale back operations in Asia, and was seeking a suitor.

 

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