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Scotiabank to sell equipment finance unit

Bank of Nova Scotia is proposing to sell its vendor and equipment financing portfolio estimated to cost C$1 billion. Scotiabank, which began the sale process a few weeks ago, is in talks with several parties including Toronto-based Element Financial. The assets that are to be sold are housed within the bank’s Roynat unit, which the bank acquired about 20 years ago. Roynat provides funding between C$250,000 and C$50 million to small and medium-sized businesses. It mainly offers financing options like term loans, asset based lending and leasing to more than 1,000 companies across Canada.

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