Fed approves Bank of Nova Scotia bank holding company bid
The Federal Reserve Board has approved an application by The Bank of Nova Scotia, a Toronto-based lender, to become a bank holding company. The approval relates to an acquisition involving Maple Financial Holdings, Inc., of Dallas, Texas, which would indirectly bring MapleMark Bank of Tulsa, Oklahoma, under the Canadian bank's control. The Federal Reserve Board announced the decision at 4:30 p.m. EDT on 29 Oct.
Key facts
- The Federal Reserve Board made the decision public in a statement on 29 Oct.
- MapleMark Bank would be held indirectly through Maple Financial Holdings, Inc.
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Why it matters
The decision clears a U.S. regulatory step for a Canadian bank to take control of a Texas-based holding company and its Oklahoma bank subsidiary.
What changed
First published from Federal Reserve