BNS deal falls through

Article Excerpt

BANK OF NOVA SCOTIA $79.08 (Toronto symbol BNS; Shares outstanding: 1.2 billion; Market cap: $94.9 billion; TSINetwork Rating: Above Average; Dividend yield: 4.2%) is Canada’s third-largest bank. The bank recently cancelled a deal to sell its banking operations in Malaysia to Taiwan-based Cathay Financial Holdings Co. for $255 million U.S. Bank of Nova Scotia has yet to say why it was unable to complete the sale. However, it’s possible that Malaysian regulators blocked the deal. The bank wants to keep shrinking its Asian operations, so it will probably try to find another buyer for the Malaysian business. That will let it better focus on its key markets of North America and Latin America (Mexico, Peru, Chile and Colombia). Bank of Nova Scotia is a buy. buy. …