Bank of Nova Scotia’s precious metals division, ScotiaMocatta, today announced that it has completed the acquisition of approximately US$900 million in precious metals loans from Bank of America, further strengthening ScotiaMocatta’s position as a global bullion leader. The transaction closed on October 10.

“This agreement fits well with Scotiabank’s strategy to seek growth opportunities in selected areas where we have recognized global strength, expertise and product capabilities,” said Rick Waugh, president and CEO, Scotiabank, in a news release.

“It will further enhance our position as a market leader in dealing with industrial manufacturers that have precious metal requirements. It also enables us to expand our bullion relationships in the North American market, complementing our existing leadership position in Europe, Hong Kong, India and the Middle East.”

“We are very pleased to welcome these clients to ScotiaMocatta, a name that has been synonymous with bullion for over three centuries,” said Barry Wainstein, vice chairman of Scotia Capital and Global Head of Foreign Exchange and ScotiaMocatta.