Bank of Nova Scotia has acquired the Canadian operations of NBG Bank, National Bank of Greece (Canada), a full service chartered bank and a wholly owned subsidiary of the National Bank of Greece S.A., headquartered in Athens, Greece.

The transaction announced today includes all assets and liabilities of NBG Bank, whose Canadian operations comprise 10 branches in the cities of Montreal, Laval, Toronto, Scarborough, Mississauga, and Hamilton. The agreement is pending regulatory approval and terms of the agreement have not been disclosed.

“The acquisition of NBG Bank is evidence of Scotiabank’s commitment to customers and to continuing to grow our Canadian operations,” said Wendy Hannam, executive vp, domestic branch banking, Scotiabank. “I am pleased that we can play a part in ensuring the Greek community, and all the customers of NBG Bank, continue to be well served.

“Our ongoing focus will be to provide customers with first-rate products and services to meet their financial needs, while welcoming our new employees into the supportive and rewarding environment of Scotiabank Group,” he added.

“This is a win-win deal for NBG Bank and Scotiabank. We have great confidence that Scotiabank will continue to meet the needs of our customers and employees,” said Nicholas Avgoustakis, CEO of NBG Bank.