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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Bank Nova Scot | LSE:BNV | London | Ordinary Share | CA0641491075 | COM NPV |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS No 6370j BANK OF NOVA SCOTIA 1st October 1997 SCOTIABANK PURCHASES MOCATTA BULLION & BASE METALS Toronto, October 1 - Scotiabank announced today that it has signed an agreement to acquire Mocatta Bullion & Base Metals, a division of Standard Chartered Bank of the UK. The deal, subject to regulatory approval, will establish Scotiabank as one of the world's leading metals trading and bullion banks by global coverage. The purchase price will not be material to Scotiabank. "Scotiabank is currently the leading bullion bank in Canada," said Peter Godsoe, Scotiabank Chairman and CEO. "When we studied the situation we determined that this was an area where we could build on our existing strengths and establish ourselves as world leaders. Mocatta presented itself as a perfect match which would enable Scotiabank - under the marketing banner of Scotia Capital Markets - to become a full-service metals dealer." "Mocatta's expertise and world standing will enhance our overall capabilities and will translate into increased strengths for several areas of our firm," said Scotia Capital Markets Chairman and CEO Gord Cheesbrough. "For example, Scotia Capital Markets is strong in mining equity research, and corporate and investment banking for the mining sector. The addition of Mocatta's global trading operations will enable us to offer clients integrated solutions across a complete range of base and precious metals services." Established in 1671, Mocatta is the oldest and one of the world's largest metals trading businesses. Integrating this business within Scotia Capital Markets will create numerous synergies. Mocatta's strong international industrial consumer base will complement Scotia Capital Markets' solid bullion relationships with mining companies. Combining Scotia Capital Markets' presence in the North American base metals market with Mocatta's worldwide base metals operations will establish this new entity as a global full-service metals dealer. Subject to regulatory approval, Scotiabank - through Scotia Capital Markets - will retain Mocatta's prestigious standing as only one of five London Gold Fixing Members, one of three Silver Fixing Members, and as one of 15 Ring Dealing Members of the London Metals Exchange. The transaction will involve a number of exchange memberships including: London International Financial Futures Exchange Limited (LIFFE), The International Petroleum Exchange, The Tokyo Commodity Exchange (TOCOM), Commodity Exchange Inc. (COMEX) a division of the New York Mercantile Exchange and ownership of Iron Mountain, one of six recognised delivery warehouses for COMEX. "The integration of Mocatta with our existing metals operations will strategically position us to take advantage of opportunities in expanding markets such as commodities trading in the Middle and Far East, mining sector project finance and other structured transactions," said Larry Scott, Head of Scotia Capital Markets Europe and Global Head of Precious and Base Metals. With more than Canadian $ 196 billion in assets, Scotiabank is one of North America's largest financial services companies. It is also Canada's most international financial institution, with branches and offices in more than 50 countries around the world. The Scotia Capital Markets banner represents the capital markets businesses of The Bank of Nova Scotia and ScotiaMcLeod Inc. ScotiaMcLeod Inc. is a subsidiary of The Bank of Nova Scotia. The Scotiabank website can be found at www.scotiabank.ca while Scotia Capital Markets' is located at www.scotiacapital.com. Contact: Donna Cox, Public Affairs, Scotiabank, tel (Canada) 00 1 416 866-3708. END ACQMBBABLLIMBPR
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