Scotiabank expands relationship with India's HDFC Bank to offer services

June 19, 2008 - 20:51
THE CANADIAN PRESS
TORONTO - Scotiabank (TSX:BNS) is linking up with HDFC Bank in India to expand financial services to Indian citizens immigrating to Canada.
Canada's most international bank said Thursday the deal will enable referrals for customers in Canada and India, subject to local banking
A formal agreement between the two banks is expected to be signed shortly.
The agreement with HDFC Bank "will enable Scotiabank to reach out to people in India who are immigrating to Canada and, at the same time, provide our customers in Canada with a referral to one of the leading financial institutions in India," Sabi Marwah, chief administrative officer of Scotiabank, said at a multicultural gathering hosted by the bank.
HDFC Bank has a network of 1,167 branches across India.
Scotiabank is one of several Canadian banks and financial companies which have been expanding their presence in China, India and other rapidly growing Asian countries, that already have strong ties to Canada's immigrant communities.
Earlier this year, Royal Bank, Canada's largest bank, entered the Indian market with the opening of its first representative office in the financial hub of Bandra Kurla, Mumbai.
Royal, which operates under the RBC banner, said it plans to use the new office to provide capital markets products and services, wealth management for wealthy individuals and correspondent banking and trade finance services to Indian banks.
It also wants to cash in on growing financial links between Indo-Canadians and their former country.
People from India comprise the second highest Asian immigrant population in Canada after China, with 155,000 immigrants from India between 2001 and 2006.
"Through our relationship with HDFC Bank, we will be able to start a conversation with people coming to Canada before they leave home," said Rania Llewellyn, Scotiabank's vice-president of multicultural banking.
"At the same time, this relationship should enable Scotiabank to refer customers to one of India's largest private banks, with a solid reputation for excellence."
Scotiabank, with more than 60,000 employees, operates around