On September 22, 2008, Scotiabank obtained regulatory approval and completed the transaction announced July 14, 2008 to acquire E*TRADE Canada from American-based parent E*TRADE Financial Corporation. Scotiabank purchased E*TRADE Canada for approximately US$442 million.
The acquisition builds on the recent acquisition of TradeFreedom and complements product offerings currently available through Scotiabank's direct investment arm, ScotiaMcLeod Direct Investing, significantly increasing the bank's scale in the Canadian online investing market.
Scotiabank was represented by Anita Mackey, Martha Hundert and McCarthy Tétrault LLP. McCarthy Tétrault's team included Ian Arellano, Ian Bies, Robert Hansen, Beatriz Orrantia, Gabrielle Richards, Sean Sadler, Bernadette Saumur and Barry Sookman.
E*TRADE Canada was represented by Lori Sher of E*TRADE Financial Corporation and Clifford Chance LLP. Clifford Chance's team included Karl Roessner and Pia Thadhani.