ScotiaMcLeod today announced that it has entered into a letter of intent to sell its full-service brokerage branch in Sherbrooke, Quebec. to RBC Dominion Securities Inc., part of the wealth management division of RBC Financial Group. The terms of the deal were not disclosed.

“ScotiaMcLeod remains committed to Quebec, with operations centred around the greater Montreal area and Quebec City,” said George Garner, managing director and head of ScotiaMcLeod Full-Service Brokerage. “This move is, we believe, the best course of action for both our colleagues and clients in Sherbrooke.”

The Sherbrooke branch has 19 employees and serves approximately 4,300 accounts.

“We are proud to have these high-quality people join our team,” said David Agnew, national director, RBC Investments. “This branch will bolster our presence in Sherbrooke where we have been a member of the community for many years.”

Conversion of the branch is targeted to be completed by February 29. The deal is subject to the parties entering into a definitive agreement, and the receipt of all required regulatory approvals.

http://www.newswire.ca/en/releases/archive/January2004/22/c2352.html