Bank of Nova Scotia (BNS.TO)

Has been a fairly significant appreciation in the stock, especially more recently. Not sure there will be a lot of capital growth at this time but, where else are you going to get a safe 4% yield with the potential for further growth down the road. The most internationally diversified Canadian bank. If you have a 3-5 year time horizon, this is still a good Buy today.

(A Top Pick Feb 16/12. Up 9.9%.) He is now underweight on Canadian financial services group. Be aware that the Canadian consumer is highly levered with debt to household income of over 165%. This means loan growth is going to slow. This bank has the most international exposure. Still likes.

Have had about a 13%-14% return this year, so one of the better bank performers. Feels they have the inside story on growth in central and south America. Banking systems are growing much faster down there.

Preferred Z which matures in 2016 and pays 3.7%? This sounds like a five-year fixed reset issue, which means it will reset, not mature. You may be stuck in a perpetual floater depending on what the reset rate is.

Bank stocks. In general, there is a lot of talk with problems in lending and mortgages in Canada and there is no doubt that is slowing but he doesn’t see is falling off a cliff here. Expects mid single-digit EPS growth and a 4%-5% dividend yield on this one, which gives you a 8%-9% return over the next year or so. This probably has the least exposure to the Canadian consumer.

Likes the banks going forward. This is a way to play global banking as they have 30% of their business offshore.

Done an incredible job of buying internationally. You have to compare to international businesses in the countries they are in. Thos businesses may offer more growth but more risk.

(Top Pick Dec 7/11 Up 13.52% Total return) Thinks Canadian banks look fine for this quarter. TD is is favourite.

With the Cdn banks, you are really looking for moderate growth at high single digits with a yield of about 4.2%. If you are comfortable with this all these banks will do well for you.

(Top Pick Dec 8/11, Up 15.33%)

His preferred bank because it is more internationally diversified and effectively has exposure to emerging markets. Because of the slowdown in Latin America he expects this bank to slip in the next year or so, giving an opportunity to pick it up at a better price. Reasonable dividend.

All the banks have been very good dividend growers and he thinks this will continue. This one is the most international of the banks and is far less impacted by what happens in the Canadian market.

Likes the Canadian banks. (See Top Picks.)

ING purchase does not affect the stock. If you buy bank stocks for dividend you have to buy them when they are cheap. Dividend could go up just a little bit more before year end. You have to wait for pullbacks and he feels they will get one before year-end. A pull-back in the first half of next year also.

Buying ING Canada. They are making a statement that they want to be bigger. Now they have both discount brokers and discount bankers. What will be the return on the capital they are deploying. Only time will tell.