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Patrick McKeough is one of Canada’s top safe-money advisors. The Wall Street Journal, Forbes and The Hulbert Financial Digest have all recognized his ability to find stocks with hidden value. He is editor and publisher of The Successful Investor, Stock Pickers Digest, Wall Street Stock Forecaster and Canadian Wealth Advisor; inventor of the Quick Profit/Value System and the ValuVesting System™. A best-selling Canadian author, he wrote Riding the Bull, the book that predicted the 1990s stock-market boom.
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BANK OF NOVA SCOTIA $49.36 (Toronto symbol BNS: SI Rating: Above average) has agreed to acquire the Canadian operations of E*Trade, a leading online discount broker. The bank will pay $444 million in cash. That’s equal to 45% of the $980 million or $0.97 a share that it earned in the latest quarter.

The new operations should directly add just $0.02 a share to Bank of Nova Scotia’s annual earnings by 2011. However, the acquisition of E*Trade will increase Bank of Nova Scotia’s share of Canada’s fast-growing online investing market from 6% to 10%, based on the number of accounts. E*Trade has approximately $4.7 billion in assets under administration and 190 employees.

Bank of Nova Scotia also aims to sell its own financial products to E*Trade’s client base, including encouraging them to open Scotiabank bank accounts to let them easily transfer funds back and forth from their E*Trade on-line trading accounts.

Bank of Nova Scotia is a buy

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