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The Scotiabank tower in downtown Toronto is shown in a Wednesday, June 16, 2010 photo.
The Scotiabank tower in downtown Toronto is shown in a Wednesday, June 16, 2010 photo.
(Adrien Veczan/THE CANADIAN PRESS)

CI share sale nets Scotiabank extra $150-million gain

Bank of Nova Scotia’s decision to sell the majority of its stake in CI Financial Corp. is benefitting the bank more than originally thought.

At first Scotiabank said it would recognize a $400-million gain, after tax, from selling its shares for much more than their book value. Now the bank says it will generate another $150-million gain stemming from a read of certain accounting rules.