The Bank of Nova Scotia obtained regulatory approval and completed the transaction on Monday that was first announced on July 14 to acquire E*Trade Canada from U.S.-based parent E*Trade Financial Corp.

The acquisition builds on the recent acquisition of TradeFreedom and complements product offerings currently available through Scotiabank’s direct investment arm, ScotiaMcLeod Direct Investing, significantly increasing the Bank’s scale in the Canadian online investing market.

“The acquisition of E*Trade Canada, following up on our successful acquisition of TradeFreedom, is another important step in our strategy to build a highly competitive platform for direct investing Canadians to build their wealth,” said Barbara Mason, Scotiabank’s executive vice president of wealth management.

E*Trade Canada is an online brokerage offering a variety of products and services to retail and institutional investors buying and selling securities via electronic trading platforms.

“The addition of E*Trade Canada’s cutting edge products and services to Scotiabank’s renowned investment research and quality service will prove to be a powerful combination,” said Mason. “We look forward to bringing these products and services to Canadians.”