Scotiabank Acquires Travelers Leasing

On February 14, 2007, The Bank of Nova Scotia completed the acquisition of Travelers Leasing Corporation, a leading Canadian automobile financing company, for an undisclosed amount. Travelers Leasing Corporation, a privately held corporation based in British Columbia with offices across Canada, currently has $255 million in loans under administration.

The Bank of Nova Scotia was represented by in-house counsel Anita Mackey and Melanie Manning, together with a team from McCarthy Tétrault LLP led by Joan Beck that included Barry Ryan (regulatory), Brian Vick, Alejandra Flah and Ana Badour (corporate and securities), Gabrielle Richards and Leonard Nesbitt (tax), Steven Rapkin (securitization), Sean Sorensen (banking), Glen MacArthur (competition), Paul Boniferro and Karen Bock (labour and employment), Bram Green (real estate) and Alfred Macchione (intellectual property), as well as Aaron Hunter of Shearman & Sterling LLP.

The majority shareholders of Travelers Leasing Corporation were represented by Edwards, Kenny & Bray LLP with a team led by Bill Hartley that included Lindy Bremner, Daniela Fisher and Chani Campbell. Doug Powrie of Thorsteinssons LLP provided tax advice to the majority shareholders. The VenGrowth Investment Fund Inc. and The VenGrowth II Investment Fund Inc., venture capital investors and shareholders, were represented by in-house counsel Jay Heller together with Donald West of Aird & Berlis LLP. Additional shareholders of Travelers Leasing Corporation, largely employees, were represented by Don Dalik and David Martin of Fasken Martineau DuMoulin LLP.