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Cathay Financial to acquire Nova Scotia assets in Malaysia

Cathay Financial Holding Co, one of the largest financial holding firms in Taiwan, has agreed to acquire the Canada-based Bank of Nova Scotia’s banking assets in Malaysia. Cathay Financial is proposing to extend its reach in the ASEAN region. The company said that it will spend US$255 million to acquire the Canadian bank’s subsidiary – the Bank of Nova Scotia Berhad – through Cathay United Bank and Cathay Life Insurance Co, two wholly-owned units of the Taiwanese financial conglomerate. The acquisition deal is pending regulatory approval from the governments in Taiwan and Malaysia, and is expected to be completed in the second half of this year. After the deal is finalized, Cathay United Bank is expected to own a 51% stake in the Bank of Nova Scotia Berhad and become the first Taiwanese bank to have a subsidiary in Malaysia, while Cathay Life will hold the remaining 49%.

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