• Most Popular
  • Most Shared

UPDATE 1-Scotiabank inks China banking partnership

Fri Nov 6, 2009 12:32pm EST

Stocks

   

* Allows immigrants to open Scotia account in China

Stocks  |  Global Markets  |  China  |  Financials

* Gives Scotia an early shot at new customers

TORONTO , Nov 6 (Reuters) - Bank of Nova Scotia (BNS.TO) said on Friday it reached a partnership deal with China Everbright Bank [EVRBK.UL] that will allow people moving to Canada to open a Scotiabank account while still in China.

Canada's No. 3 bank said the deal gives Chinese immigrants and students planning to move to Canada the ability to open a Scotiabank account at any of the 119 participating Everbright branches in 33 cities across China.

"We are proud to partner with CEB and to be able to leverage their strong presence in China to reach out and meet the banking needs of people before they embark on their journey to Canada," Scotiabank's director of Asian markets, Gina Li, said in a statement.

Immigrants have become an appealing target for Canada's big banks as they seek to expand their safe and reliable retail banking operations. Immigrants are Canada's fastest-growing population group, and China is considered a key market for Canadian financial service companies.

Once clients open an account in China and move to Canada, they must visit a Scotiabank branch to activate the account, Scotiabank said.

Toronto-based Scotiabank is considered the most international of Canada's big five banks, with operations in much of Latin America, the Caribbean and parts of Asia.

China Everbright Bank, headquartered in Beijing, is one of the largest in China. (Reporting by Andrea Hopkins; editing by Peter Galloway)



More from Reuters

Photo

No sign Detroit flight incident in larger plot: U.S.

WASHINGTON (Reuters) - There is no initial evidence that the Nigerian man charged with trying to blow up a U.S. passenger jet was involved in a larger plot, a senior U.S. official said on Sunday.

The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

What a wacky year it's been...

Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
Political Risk in 2010:

Don't say we didn't warn you

With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article