Bank of Nova Scotia today announced it has closed a transaction to acquire Travelers Leasing Corporation (TLC), a leading Canadian automobile financing company. Terms of the deal were not disclosed.

The deal was announced back in November 2006.

“We are pleased to close this deal and build on Scotiabank’s strong position as the leading bank in automobile financing for Canadians,” said Chris Hodgson, executive vp, head of domestic personal banking, Scotiabank. “Scotiabank and TLC employees are working together to ensure that integration of these organizations combines the best of both cultures and delivers market leading solutions to Canadian automobile financing.”

TLC has provided automobile financing to Canadians since 2001. It is one of three business units operated by Travelers Financial Group, a financial solutions provider based in British Columbia. TLC currently has $255 million in loans under administration.

The firm has 150 employees offering auto purchase financing through its head office in Vancouver, a regional office in Mississauga and locations in Calgary, Edmonton, Winnipeg, Ottawa, Windsor, Montreal, Hull-Gatineau, Halifax, Saskatoon and Kelowna.