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Scotiabank To Buy $728M China Bank Stake
Scotiabank is set to acquire a 20 percent stake in Chinese lender Bank of Guangzhou.
Scotiabankis set to acquire a 20 percent stake in Chinese lenderBank of Guangzhou,金融时报》reports. The Canadian bank will pay a total of about $728 million for the acquisition.
The deal, pending approval, is expected to close in December. Bank of Guangzhou has assets worth about $24 billion and 84 branches centered in Guangzhou, near Hong Kong.
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