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Scotiabank sets aside $168 million for metals closure and investigations
Bank of Nova Scotia (Scotiabank) has set aside C$232 million ($168 million) to cover costs relating to the closure of its metals business and investigations of its metals trading practices by U.S. regulators, it said on Tuesday. The disclosure was made as Scotiabank announced a 41% profit fall in its second quarter to April 30. Scotiabank, Canada’s third-biggest lender, had said in February that the U.S. Department of Justice and Commodity Futures Trading Commission (CFTC) were investigating its metals trading activities. The bank’s management last month told staff it would close the metals operation, one of the ... (full story)