Scotiabank buys doctors financial services company for $2.5 billion

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.

Just Posted

One strong wind leaves years of replanting work for Red Deer parks staff

High visibility boulevards already replanted, neighbourhood work starts next year

Red Deer-area indigenous filmmakers invited to apply for $20,000 grant

Storyhive launches Indigenous Storyteller Edition

Restaurant closed after compliance team patrol

Public Safety Compliance Team checked eight bars and restaurants on Oct. 19

Red Deerians await local cannabis stores

So far 31 stores in Alberta awarded licence to operate

Rimbey RCMP seek missing man with health concerns

Has anyone seen Bill Harris of Ponka County?

WATCH: Make-A-Wish grants Star Wars loving teen’s wish

The Make-A-Wish Foundation granted Anakin Suerink’s wish in Red Deer Saturday afternoon

Local Sports: Rudy Soffo valuable to Kings on the court

When Rudy Soffo first saw the RDC basketball Kings roster he was… Continue reading

Except for 1 kick, Saints, Ravens are evenly matched

BALTIMORE — In a matchup between the league’s highest-scoring offence and top-ranked… Continue reading

Julia Louis-Dreyfus gets a top award for comedy

WASHINGTON — After a 35-year acting career and with two iconic television… Continue reading

Ricky Skaggs, Dottie West enter Country Music Hall of Fame

NASHVILLE — Bluegrass and country star Ricky Skaggs, singer Dottie West and… Continue reading

AP Exclusive: Stephen Hawking’s wheelchair, thesis for sale

LONDON — Stephen Hawking was a cosmic visionary, a figure of inspiration… Continue reading

Canada deemed U.S. a safe country for asylum seekers after internal review

OTTAWA — Canadian immigration officials have determined that the United States remains… Continue reading

Bombardier sues Mitsubishi over alleged theft of aircraft trade secrets

MONTREAL — Bombardier is suing Mitsubishi Aircraft in the United States over… Continue reading

Three strong earthquakes reported in Pacific Ocean off Vancouver Island

Three relatively strong earthquakes were recorded Sunday night in the Pacific Ocean… Continue reading

Most Read