The deal adds FDIC deposit insurance capability and a client base of family offices and hedge funds
Scotiabank posted a $2.63bn second-quarter profit, a 30 percent jump from a year ago, then announced it would buy a Texas commercial bank to deepen its US footprint.
The bank agreed to acquire Maple Financial Holdings Inc., the parent of Dallas-based MapleMark Bank, BNN Bloomberg reported.
MapleMark focuses on high-net-worth clients, family offices, middle-market companies, hedge funds and boutique private equity groups.
Financial terms were not disclosed.
"MapleMark Bank is a well-run bank primarily operating in Dallas, Texas and further supports our strategic focus within the North American corridor," said Travis Machen, Scotiabank's group head of global banking and markets, the Financial Post reported.
He added the deal gives the bank access to FDIC deposit insurance, which he called important for its mortgage capital markets business and deposit growth strategy.
The acquisition extends a push Scotiabank announced in late 2023 to allocate more capital within North America.
Scotiabank bought a stake in US lender KeyCorp in 2024, which operates roughly 950 branches across 15 states.
The bank has since been recycling capital from its Latin American operations into its US corporate business.
In 2025, Scotiabank sold its Colombia, Costa Rica and Panama operations to Banco Davivienda SA in exchange for a 20 percent equity stake in the combined entity, the Financial Post reported.
The announcement came days after Scotiabank posted a second-quarter profit of $2.63bn, up from $2.03bn a year earlier, beating analyst expectations, BNN Bloomberg reported.
Foreign investor sentiment toward Canada has shifted, Scotiabank president and chief executive Scott Thomson cited by BNN Bloomberg.
"Over the last 15 years...you've seen a lot of foreign money leave Canada. And now you have a lot of foreign money looking at Canada from a foreign direct investment," he said, adding the bank remains "relatively optimistic about the outlook for Canada."
