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This is an archive article published on October 8, 1999

Scotia buys 10 in Japan bank

TORONTO, OCT 7: The Bank of Nova Scotia expects to invest quot;tens of millionsquot; for a stake of about 10 per cent in a troubled Jap...

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TORONTO, OCT 7: The Bank of Nova Scotia expects to invest quot;tens of millionsquot; for a stake of about 10 per cent in a troubled Japanese bank. Scotiabank chief executive Peter Godsoe confirmed on Wednesday that the bank, Canada8217;s third-largest bank by assets, is joining US investor group Ripplewood Holdings and a consortium of international financial institutions to buy the troubled Long-Term Credit Bank of Japan LTCB.

Godsoe gave no specifics on the deal, but said Scotiabank would invest quot;tens of millionsquot; in the bank for a stake of between 5 and 10 per cent.

 

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