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Canadian Bank Boosts Wealth Management With Brokerage Acquisition
Canada’s Bank of Nova Scotia has added to its online wealth-management business by acquiring the Canadian unit of US broker E*Trade Financial, which is in the midst of a turnaround plan, media reports say.
The Canadian bank said its $444-million acquisition of E*Trade Canada will double its online investing business, adding about $4.7 billion in assets under administration and 190 employees.
The addition of the E*Trade Canada is the latest in a series of moves by Scotiabank to bulk up its presence in wealth management, where it has lagged its domestic rivals.
