Scotiabank Buys E*Trade Canada

TD Securities, 15 July 2008EventYesterday after market close, Scotiabank announced the purchase of 100% of E*Trade Canada.ImpactNot our first choice, but deal adds clients and makes financial sense. We have made no changes to our estimates, and continue to view Scotia as one of the best operating outlooks in the group, although we note that the stock has now moved to trade at a healthy premium.