Scotiabank Buys Stake In China's Guangzhou For $721M

Law360, New York (September 9, 2011, 5:12 PM EDT) -- Bank of Nova Scotia on Friday said it had won a bid to buy a nearly 20 percent stake in China’s Bank of Guangzhou for approximately $721 million, giving the Canadian bank another foothold in the burgeoning Chinese banking sector.

The state-run Bank of Guangzhou lists assets of over $24 billion and consumer deposits of more than $16 billion, according to a statement from Scotiabank.

Scotiabank already owns a 14.8 percent stake in another Chinese bank, Bank of Xi’an, which it plans to increase to 18.1...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.