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Scotiabank wins bid for Guangzhou Bank stake
September 9, 2011 / 5:51 AM / 6 years ago

Scotiabank wins bid for Guangzhou Bank stake

BANGALORE (Reuters) - Bank of Nova Scotia (BNS.TO) said it will buy a near 20 percent stake in Bank of Guangzhou for about C$719 million, to expand its footprint in China.

<p>A customer walks into the Scotiabank on Spring Garden road in Halifax, Nova Scotia, March 3, 2009.</p>

Scotiabank expects the deal to add to earnings next year, it said in a statement on Friday.

Guangzhou Bank, which is not publicly listed and is primarily government-owned, has been looking to get listed in Shanghai and last year invited bids from foreign investors for a 20 percent stake.

Scotiabank, which emerged as the winning bidder, expects the deal to close by December this year.

($1 = 0.984 Canadian Dollars)

Reporting by Gowri Jayakumar in Bangalore; Editing by David Cowell

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