The Charles Schwab Corporation is selling its unit in Canadian and exiting the brokerage business in that country, a spokesperson with the firm told the MutualFundWire.com. The Scotiabank Group is purchasing the unit.

Schwab had approximately 25,000 active accounts in Canada. The transaction should take approximately 60 days on the regulatory end and three to four months in transitioning clients.

This move marks Schwab's departure from operations in Canada. It will continue operations in Hong Kong, Great Britain, and Latin America.

"We had great growth there," the spokesperson contended. "But we are still a small player in terms of size. We have a lot to be proud of in terms of our work up there. But this was a pragmatic, strategic decision given what we saw as our potential for long-term growth."

The spokesperson also stated that Scotiabank would be proactively marketing to Schwab's current clientele. 

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