Bank of Nova Scotia today announced the acquisition of Travelers Leasing Corp, (TLC), a leading Canadian automobile financing company. Terms of the transaction, which is subject to regulatory approval, were not disclosed.

“Scotiabank’s acquisition of Travelers Leasing Corporation demonstrates our commitment to finding opportunities to drive revenue growth,” said Chris Hodgson, executive vp, head of domestic personal banking, Scotiabank. “With over 50 years in the business and a national dealer finance sales network, this is an excellent opportunity to build on Scotiabank’s strong position as the leading bank in automobile financing for Canadians.”

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.

“It will be business as usual at TLC and Scotiabank,” said Ron Porter, senior vp, automotive finance and indirect lending, Scotiabank. “TLC and Scotiabank employees will be working closely together to ensure the integration not only combines the best of both organizations, but also guarantees we continue to provide a wide range of dealer financing products and high quality service for our dealership customers.”

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.

“This transaction will ultimately improve overall service levels for customers at both institutions,” said Jim Case, TLC’s president and CEO.