Scotiabank CEO Waugh Curbing Optimism on Bank of Guangzhou Deal

Bank of Nova Scotia (BNS) Chief Executive Officer Richard Waugh said he was too optimistic about the swift completion of a deal to buy a stake in a Chinese lender.

Scotiabank has been awaiting regulatory approval from China on a deal announced in 2011 to buy a 20 percent stake in Bank of Guangzhou Co. for C$719 million ($700 million).

“We were a little too optimistic on that first announcement,” Waugh, 65, said today at the Bloomberg Link conference in Toronto. “I’m not going to make the same mistake twice and be optimistic again. We are still seriously trying to move this along. We’ll have to wait and see what develops.”

To contact the reporter on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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