Scotiabank Acquires Leading Canadian Mortgage Lender
14 Febbraio 2006 - 4:49PM
PR Newswire (US)
TORONTO, Feb. 14 /PRNewswire-FirstCall/ -- Scotiabank today
announced a definitive agreement to buy the mortgage business of
Maple Financial Group Inc., which includes Maple Trust Company, a
national leader in mortgage lending. "Scotiabank's acquisition of
this business demonstrates our commitment to finding opportunities
to drive revenue growth," said Rick Waugh, Scotiabank President and
Chief Executive Officer (CEO). "This is an excellent opportunity to
build on our strong position as a leading provider of mortgage
financing for Canadians." The deal improves Scotiabank's ranking to
No. 3 from No. 4 in Canada's overall mortgage market, doubling
originations through the mortgage broker channel - where the Bank
acquires mortgages through brokers. Maple's mortgage business has
$7.5 billion in mortgages under administration and more than 42,000
mortgages outstanding. "This transaction will ultimately improve
overall service levels for customers at both institutions," said
John Webster, President and Chief Executive Officer, Maple Trust
Company. "Maple Trust customers in particular will benefit from
Scotiabank's broader range of product, service and delivery channel
options." Maple Trust is a national trust company focused on
residential mortgage lending and deposit products. With nearly 200
employees, Maple Trust is a leading mortgage lender and one of the
top five lenders in the low-risk insured segment. The acquisition
also includes $1 billion in deposits. The purchase price for the
shares of Maple Trust was $233 million. A subsidiary of Maple
Financial Group, a Canadian based, privately held organization that
provides a range of banking, securities, trust and financial
services, Maple Trust is a national brand, with the majority of its
customers in Ontario, Alberta and British Columbia. "It will be
business as usual at Maple Trust and Scotiabank," said Alberta
Cefis, Scotiabank Executive Vice-President, Domestic Personal
Lending and Insurance. "Maple Trust and Scotiabank employees will
be working closely together to ensure the integration not only
combines the best of both organizations, but also guarantees we
continue to provide high quality service for our customers." Scotia
Capital was the Bank's exclusive financial advisor for the
transaction. The acquisition is subject to regulatory approval.
Analyst Conference Call An analyst conference call will take place
on Tuesday, February 14, 2006, at 2:00 p.m. EST. Interested parties
are invited to access the call live, in listen-only mode: Via
telephone, toll-free, at 1-800-814-3911 (please call five to 15
minutes in advance); or Via the Internet on the Investor Relations
page of http://www.scotiabank.com/. Conference Call Archive A
telephone replay of the call will be available shortly after the
call, until February 28, 2006 by calling 416-640-1917
(identification code 21177003 followed by the number sign). The
archived audio Web cast will be available on the Investor Relations
page of http://www.scotiabank.com/. Scotiabank is one of North
America's premier financial institutions and Canada's most
international bank. With more than 50,000 employees, Scotiabank
Group and its affiliates serve about 10 million customers in some
50 countries around the world. Scotiabank offers a diverse range of
products and services including personal, commercial, corporate and
investment banking. With $314 billion in assets (as at October 31,
2005), Scotiabank trades on the Toronto (BNS) and New York (BNS)
Stock Exchanges. For more information please visit
http://www.scotiabank.com/. DATASOURCE: Scotiabank CONTACT: please
contact Frank Switzer at Scotiabank at (416) 866-7238 or .
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