Scotiabank looking for ‘growth opportunities’

eyes buying a minority stake in Chinese bank

Canadian Press

TORONTO — Scotiabank says that it wants to forge a strategic partnership with Bank of Dalian Co. Ltd., China's seventh-largest commercial bank, by way of a minority investment.

“Like any company, anywhere in the world, Scotiabank is always looking for growth opportunities,” Rob Pitfield, Scotiabank executive vice-president, International Banking, said in a release on Sunday. “We are optimistic about the potential for growth in China and this agreement further demonstrates our commitment to explore this important market.”

The Bank of Dalian was founded in 1998 and has assets of nearly $8-billion (U.S.). It has 90 branches and some 1,650 employees. The bank is an amalgamation of urban co-operatives based in the Chinese city of Dalian — a financial hub that serves as the gateway to Beijing and Tainjin.

“Scotiabank has long recognized that unique opportunities for growth can be found beyond Canada's borders,” said Michele Kwok, Scotiabank's senior vice-president for Asia-Pacific and the Middle East. “We are optimistic about the opportunities that are presented through strategic investments in countries like China and particularly in the vibrant city of Dalian.”

 Scotiabank bills itself as Canada's “most international” bank. It has been operating in China for nearly 25 years. With more than 57,000 employees, Scotiabank serves about 12 million customers in some 50 countries.

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