Bank of Nova Scotia has reached a deal to sell its Malaysian unit to Cathay Financial Holding Co Ltd.

The Toronto-based bank indicated earlier this year that it was seeking a buyer for Bank of Nova Scotia Berhad.

Reports on Friday said that it would get about US$256.85 million (C$345.5 million) for the Malaysian unit.

Scotiabank spokeswoman Debra Chan confirmed that an agreement related to the sale of 100% of the Malaysian unit had been reached with Cathay Financial.

However, Chan declined to confirm the transaction value or provide other details — citing a "quiet period" in when Scotiabank restricts its comments ahead of the release of its quarterly results.

Scotiabank is expected to releases its second-quarter financial report on Tuesday.