SCOTIABANK SET TO BUY NATIONAL TRUSTCO
By Adnews Staff
Scotiabank announced this week that it plans to buy National Trustco of Toronto for $1.25 billion. The deal is expected to close Aug. 31. National Trustco is the holding company for National Trust. "We see the acquisition of National Trust as an excellent fit strategically for both companies," Scotiabank chairman and CEO Peter Godsoe says in a release. "The combined organization will have a greatly expanded presence throughout Ontario, particularly in Southwestern Ontario." For National Trust, the deal will improve its market share in key retail banking areas and increase its presence in the personal trust and investment businesses, Godsoe says. Advertising for Scotiabank is done by Cossette Communication-Marketing of Toronto. The Wolf Group handles advertising for National Trust. Scotiabank has 1,468 branches and offices across Canada. National Trust has 175 branches mainly in Southern Ontario, with some branches also in British Columbia, Alberta, Manitoba and Quebec.