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Scotiabank To Buy $728M China Bank Stake

Scotiabank is set to acquire a 20 percent stake in Chinese lender Bank of Guangzhou.

Scotiabank is set to acquire a 20 percent stake in Chinese lender Bank of Guangzhou, Financial Times reports. The Canadian bank will pay a total of about $728 million for the acquisition.

The deal, pending approval, is expected to close in December. Bank of Guangzhou has assets worth about $24 billion and 84 branches centered in Guangzhou, near Hong Kong.

Click here for the story from Financial Times.

Click here for additional coverage from Reuters.

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