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Article: E*TRADE FINANCIAL to Sell E*TRADE Canada to Scotiabank for $442 Million.
- Article from:
- Business Wire
- Article date:
- July 14, 2008
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Expects transaction to generate net cash proceeds of approximately $511 million, including repatriated excess capital
NEW YORK -- E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) today announced it has entered into a definitive agreement to sell E*TRADE Canada to Scotiabank (TSX: BNS, NYSE: BNS) for $442 million in cash. E*TRADE FINANCIAL expects the combination of the sale of E*TRADE Canada and the return of related capital to generate net cash proceeds of approximately $511 million.
"We continue to make solid progress against our 2008 Turnaround Plan by monetizing non-core assets to generate capital while delivering consistent organic growth in the retail ...