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TORONTO, Sept. 22 /CNW/ - Scotiabank today announced that it has obtained regulatory approval and completed the transaction announced July 14, 2008, to acquire E(*)TRADE Canada from U.S.-based parent E(*)TRADE Financial Corporation (NASDAQ: ETFC). The acquisition builds on the recent acquisition of TradeFreedom and complements product offerings currently available through Scotiabank's direct investment arm, ScotiaMcLeod Direct Investing (SMDI), significantly increasing the Bank's scale in the Canadian online investing market. "The acquisition of E(*)TRADE Canada, following up on our successful acquisition of TradeFreedom, is another important step in our strategy to build a highly competitive platform for direct investing Canadians to build their wealth," said Barbara Mason, Executive Vice-President, Wealth Management, Scotiabank. E(*)TRADE Canada is a top-ranked online brokerage offering a variety of products and services to retail and institutional investors buying and selling securities via electronic trading platforms. "The addition of E(*)TRADE Canada's cutting edge products and services to Scotiabank's renowned investment research and quality service will prove to be a powerful combination," said Ms. Mason. "We look forward to bringing these products and services to Canadians." Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 60,000 employees, Scotiabank Group and its affiliates serve approximately 12.5 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With $462 billion in assets (as at July 31, 2008), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
For further information: Frank Switzer, Director, Public Affairs, Scotiabank, (416) 866-7238, firstname.lastname@example.org