TORONTO — Scotiabank has acquired doctors’ wealth services company MD Financial Management for $2.5 billion.
The company provides financial planning, insurance, banking, investment and estate and trust services to Canadian doctors.
A public offering of 19.7 million common shares at $76.15 per share will fund a portion of the acquisition.
The acquisition also includes a 10-year deal that will see the Canadian Medical Association exclusively promote Scotiabank as the preferred provider of financial products to physicians.
Scotiabank has been on a spending spree in recent months, purchasing a 68 per cent stake in Chilean banking operation BBVA Chile, for $2.9 billion and Citibank’s consumer and small and medium enterprise operations in January for an undisclosed amount.
It also bought Canadian investment manager Jarislowsky Fraser for $950 million in February and a controlling interest in Peru’s Va Banco Cencosud for about $130 million in May.