Scotiabank to Unload CI Stake

Scotiabank is said to be considering selling its stake in CI Financial. In a recent statement the bank said it has decided to explore options for monetization of its investment in CI, an advisor on $2.3bn of mutual funds distributed by Scotia. "The capital associated with its investment in CI will be redeployed to other strategic priorities of the Bank,” said the statement. Scotia acquired its position in CI in late 2008 when it bough the stake from Sun Life. Scotia currently holds 37% of CI shares worth $3.8bn.
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