BNS adds a ‘fintech’ partner

Article Excerpt

BANK OF NOVA SCOTIA $65.62 (Toronto symbol BNS; Shares outstanding: 1.2 billion; Market cap: $79.0 billion; TSINetwork Rating: Above Average; Dividend yield: 4.4%, www.scotiabank.com) has formed a new alliance with Kabbage Inc. This firm makes software that automates and speeds up online financial transactions (generally called “fintech”). Under this partnership, Bank of Nova Scotia will let customers in Canada and Mexico apply for small business loans up to $100,000. Using Kabbage’s technology, they will receive a decision in about seven minutes. Teaming up with a fast-growing firm such as Kabbage is easier than developing a new platform. It should also give Scotiabank an edge over competing banks in Canada. Bank of Nova Scotia is a buy. buy…