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...
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