BNS expands in Thailand

Article Excerpt

BANK OF NOVA SCOTIA $27.59 (Toronto symbol BNS: Shares outstanding: 991.9 million; Market cap: $27.4 billion; SI Rating: Above Average) is taking advantage of the depressed prices of banks around the world to increase its stake in Thailand’s Thanachart Bank from 24.98% to 49%. That’s the regulatory limit for foreign banks in Thailand. Thanachart is Thailand’s eighth-largest bank by assets, and that country’s leading automobile lender. Bank of Nova Scotia’s expertise should help Thanachart increase its market share and enter new areas such as loans to businesses including exporters. Thanachart plans to open 40 new branches by the end of 2009, which would increase its total branch network to 255. Bank of Nova Scotia is a buy. buy…

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