Bank of Nova Scotia agreed to acquire Maple Financial Holdings Inc., which owns a small US commercial bank, as the Canadian firm looks to expand its structured-finance business in the American mortgage industry.
The deal, which will see the lender take over MapleMark Bank, is subject to customary closing conditions, Scotiabank said in a statement Friday. It didn’t disclose financial terms, but said the deal isn’t expected to have a material impact on its earnings.