Scotiabank announced that it has entered into a definitive agreement to acquire Maple Financial Holdings Inc. (parent company to MapleMark Bank). MapleMark Bank is a U.S. commercial bank with operations primarily in Dallas, Texas.

"Our acquisition of MapleMark Bank allows Scotiabank to offer FDIC deposit insurance to our clients, which is important for our Mortgage Capital Markets business and our deposit growth strategy. MapleMark Bank is a well-run bank primarily operating in Dallas, Texas and further supports our strategic focus within the North American corridor," said Travis Machen, CEO and Group Head, Global Banking and Markets, Scotiabank.

The transaction is subject to customary closing conditions and receipt of regulatory approvals and is not expected to have a material impact on Scotiabank's earnings or CET1 ratio.