Scotiabank to Buy Mortgage Business From Maple Financial Group
Canada’s second largest financial institution, the Bank of Nova Scotia, is planning to purchase the mortgage business of Toronto-based Maple Financial Group Inc., bank executives revealed yesterday.
The $233-million acquisition is expected to boost Scotiabank’s revenue, and make it the third largest mortgage provider in Canada, up from its current ranking of fourth.
“Scotiabank’s acquisition of this business demonstrates our commitment to finding opportunities to drive revenue growth,” said the bank’s CEO, Rick Waugh, in a release intended for shareholders.
With $7.5 billion in mortgages currently under their administration, mostly in Ontario, Alberta, and British Columbia, Maple Financial Group describes itself as a “risk-averse” financial organization offering banking, trusts, securities, and other financial services to people and businesses around the world.