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Scotiabank strikes $2.6-billion deal for MD Financial

Scotiabank strikes $2.6-billion deal for MD Financial

 

Source: The Globe and Mail 
Authors: 

Bank of Nova Scotia is extending a string of acquisitions with a $2.6-billion deal to buy MD Financial Management, a leading wealth-management company catering to doctors.

Headquartered in Ottawa with more then $49-billion in assets under management, MD Financial specializes in providing financial products, services and investment counselling to physicians and their families.

As part of the deal, Scotiabank has also struck a 10-year agreement with the Canadian Medical Association (CMA), which owns MD Financial, to promote the bank as its “preferred provider” of financial services to Canadian doctors.

 In return, Scotiabank has pledged to spend $115-million over the next decade in support of the medical profession and Canadian health care.

The acquisition builds on a pledge Scotiabank has made to invest in its wealth-management arm, which currently contributes about 12 per cent of the bank’s total earnings. In February, Scotiabank announced a deal to acquire investment firm Jarislowsky Fraser Ltd. for $950-million, bolstering its asset-management offerings for institutional investors.

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