3.01%QQQQ 43.66 3.24%XLF 20.98 4.90%
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NEW YORK - Online brokerage E-Trade Financial Corp. on Monday said it will sell its E-Trade Canada unit to Scotiabank for $442 million cash.
The sale is part of E-Trade's plan to sell noncore assets at it attempts a turnaround following two straight quarterly losses resulting from bad bets in the mortgage market.
E-Trade said it expects the combination of the sale and the return of related capital to generate cash proceeds of about $511 million.
Toronto-based Scotiabank said the deal is intended to expand its wealth-management business.
The deal is subject to regulatory approval and is expected to close in the current quarter.
E-Trade shares closed at $2.46. Scotiabank shares ended Monday's session at $43.66.
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