Scotiabank CEO Waugh Curbing Optimism on Bank of Guangzhou Deal
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.”
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