Nice addition for our #1 pick

Article Excerpt

BANK OF NOVA SCOTIA $70.50 (Toronto symbol BNS; Shares outstanding: 1.2 billion; Market cap: $85.4 billion; TSINetwork Rating: Above Average; Dividend yield: 3.6%, www.scotiabank.com) has agreed to buy 20% of the credit card division of Canadian Tire Corp. (Toronto symbol CTC.A and a recommendation of The Successful Investor). This business is Canada’s eighth-largest credit card issuer, with 1.8 million clients and $4.4 billion in outstanding loans. Its cardholders spend $1.2 billion annually. The bank will pay $500 million for this stake, and Canadian Tire has an option to sell an additional 29% to Bank of Nova Scotia over the next 10 years. Bank of Nova Scotia is our #1 safety-conscious buy for 2014. 2014…

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.