Scotiabank Buys Canadian Mortgage Lender

Toronto-based Scotiabank has announced an agreement to buy the mortgage business of Maple Financial Group Inc., including residential mortgage lender Maple Trust Co.The purchase price for the Maple Trust shares totaled $233 million, and the acquisition includes $1 billion in deposits, Scotiabank reported. The bank said the deal will improve its ranking from No. 4 to No. 3 in Canada's mortgage market, doubling its originations through the mortgage broker channel. Scotiabank said Maple's mortgage business administers $7.5 billion in mortgages. "This transaction will ultimately improve overall service levels for customers at both institutions," said John Webster, president and chief executive officer at Maple Trust. "Maple Trust customers in particular will benefit from Scotiabank's broader range of product, service, and delivery channel options." Scotiabank can be found online at http://www.scotiabank.com.