Friday, April 07, 2006

Scotiabank Buys Mortgage Lender

Bank of Nova Scotia said Tuesday it will buy the mortgage business of Maple Financial Group Inc. for $233-million, making the bank the third-largest provider of Canadian mortgages.

The move, which comes amid strong Canadian demand for mortgages, is expected to boost revenue.

The purchase comes as low borrowing costs and a robust job market sparked a flurry of home buying in Canada in recent years. Mortgage credit is growing by about 9.2 per cent year over year, Canadian Imperial Bank of Commerce estimated in November.


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