Reuters reported that Bank of Nova Scotia is in discussions to sell a C$1 billion ($715 million) vendor and equipment financing portfolio, according to four sources familiar with the matter. According to the exclusive Reuters report, Scotiabank, which began the sale process a few weeks ago, is in talks with several parties including Element Financial, said three of the sources.

All four sources, who declined to be named as they are not authorized to publicly discuss the matter, said that discussions are ongoing and there is no guarantee a deal will be reached. Scotiabank declined to comment on the matter. A spokesman for Element said the firm's strategic review around its Canadian C&V business remains ongoing.

Read the full Reuters exclusive report- Exclusive: Scotia in talks to sell part of commercial financing portfolio -sources