Scotiabank Deal to Sell Malaysian Unit Collapses

Toronto-headquartered Scotiabank's deal to sell its Malaysian subsidiary to Taiwan's Cathay Financial Holding Co Ltd. has been called off. Scotiabank said the deal did not close before a pre-agreed deadline and as a result it will not be moving forward. Scotiabank had reached an agreement to sell its Bank of Nova Scotia Berhad last year for a reported C$225 million. The bank says it is now reviewing its strategic options for its Malaysia franchise.

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