Home
World
Canada
- BC
- Calgary
- Edmonton
- Saskatchewan
- Manitoba
- Thunder Bay
- Sudbury
- Windsor
- Toronto
- Ottawa
- Montreal
- NB
- PEI
- NS
- NL
- North
Politics
Health
Arts & Entertainment
- Music
- Film
- Television
- Books
- Media
- Art & Design
- Theatre
Technology & Science
Money
Consumer Life
Diversions
Weather
Your Voice

Scotiabank buys E*Trade Canada

Last Updated: Monday, July 14, 2008 | 5:25 PM ET

CBC News

The Bank of Nova Scotia said Monday it will double its size in the online investing market by buying E*Trade Canada for $444 million.

President and CEO Rick Waugh said the deal is "an excellent growth opportunity" and fits with bank plans to increase its Canadian wealth-management business.

Trading stocks online is becoming more important to Canadians, said Chris Hodgson, the vice-president in charge of the bank's domestic personal banking arm.

Three-month Nasdaq trading in E*Trade Financial

E*Trade Canada has 190 employees and $4.7 billion in assets under administration, the bank said in a release Monday.

It's being sold by its parent, U.S.-based E*Trade Financial Corp., which has been struggling to turn around. The U.S. company has been selling non-core assets like its Canadian arm, Donald H. Layton, chairman and CEO, said in a release.

E*Trade Financial stock closed down 26 cents US at $2.46, after trading for as much as $23.63 in the past year. The deal was announced after the market closed.

Scotiabank expects that E*Trade Canada will continue as a separate brand "in the near term."

Last year, Scotiabank bought online brokerage boutique TradeFreedom Securities Inc.

Money Headlines

Mackenzie pipeline delayed again: The companies proposing to build the $16.2-billion Mackenzie Gas Project again delay its proposed startup date.
Greece seeks help as debt grows: Greece has made another request for support from European finance ministers, as the Mediterranean country struggles to get its ballooning debt load under control.
Canadians' net worth grows: Canadian household net worth rose 1.6 per cent to $5.9 trillion in the last three months of 2009, Statistics Canada reported Monday, as the value of stocks and real estate held by Canadians increased.
Home sales slow in February: The number of listings sold through the Multiple Listing Service Systems (MLS) dropped slightly in February, signaling a more balanced national resale housing market, says the CREA.
New vehicle sales flat in January: Lower sales of North American-built passenger cars were offset by higher sales of trucks and overseas-built passenger cars as the number of new vehicles sold remained unchanged, according to Statistics Canada.

People who read this also read …

Top CBCNews.ca Headlines

Headlines

Detainee review terms blasted by Liberals: Liberal MPs hammered the Tory government over the guidelines a former Supreme Court justice will follow in his review of documents related to the Afghan detainee affair.
Revelstoke avalanche investigation continues: Police and avalanche experts have returned to Boulder Mountain near Revelstoke, B.C., to wrap up their search and investigation into a weekend avalanche that killed two Alberta men.
Canada's McKeever wins Paralympic gold: Visually impaired cross-country skier Brian McKeever won Canada's first gold medal of the Paralympics on Monday, taking the men's 20-kilometre event in Whistler, B.C.
National emergency plan adopted: Public Safety Minister Vic Toews says the federal government has formally adopted its emergency response plan, months after the auditor general accused Ottawa of being unprepared to co-ordinate emergency measures.
Toyota casts doubt on runaway Prius tale: Embattled automaker Toyota Motor Corp. is casting doubt on a California man's story that his Prius car sped out of control, saying the company's internal investigation is inconsistent with the story as described.