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ScotiaBank sign outside Bank of Nova Scotia building at King St. West and Bay St. in downtown Toronto on March 12 2013.
ScotiaBank sign outside Bank of Nova Scotia building at King St. West and Bay St. in downtown Toronto on March 12 2013.
(Fred Lum/The Globe and Mail)

Scotiabank eyes stake in Hong Kong bank

Bank of Nova Scotia is reportedly eyeing a stake in a mid-size Hong Kong bank, a deal that would boost its presence in Asia after being rebuffed by the Chinese government in a recent acquisition.

The target, Wing Hang Bank Ltd., disclosed in September that two shareholders that collectively own 45 per cent, the Fung family and Bank of New York Mellon Corp., had been approached about selling their positions. Speculation quickly emerged that the likes of Australia and New Zealand Banking Group were potential buyers.