TORONTO, March 15, 2013 /CNW/ - Scotiabank today announced that along
with its joint venture partner Bank of Beijing, the Bank of Beijing
Scotiabank Asset Management Co. Ltd. has received regulatory approval
for a license to operate as a fund management company in China. This is
the first fund management license issued in China under a new round of
pilot programs allowing commercial banks to set up fund management
As part of this joint venture, Bank of Beijing holds a majority interest
in the fund management company while Scotiabank and General Research
Institute for Nonferrous Metals both hold minority stakes.
"Scotiabank is proud to be working with the Bank of Beijing to establish
a fund management joint venture in China and contribute to the
development of China's growing wealth management sector," said Chris
Hodgson, Group Head of Global Wealth Management at Scotiabank. "This is
another way that Scotiabank is growing and investing to build on the
strength of our international wealth management platform.
"As Canada's most international bank, Scotiabank has extensive
experience working with local partners to develop new opportunities
that serve customer needs in foreign markets. Scotiabank brings a long
record of strength and stability, a culture of prudence and customer
focus, and recognized leadership in corporate governance and risk
High saving rates among citizens, pace-setting economic growth and an
increase in China's working-age population are expected to drive asset
growth of Chinese fund management companies. As at the end of 2012,
total Assets Under Management (AUM) in the industry stood at RMB2.79
About Scotiabank in China and Asia
The Bank opened a representative office in 1982 and our presence has
since grown to include branches in Guangzhou, Chongqing and Shanghai.
The Bank also has branches in Hong Kong and Taipei in the greater China
In September 2011, Scotiabank announced to the acquisition of a 19.99%
stake in the Bank of Guangzhou, subject to regulatory approval.
Scotiabank holds a 19% interest in Bank of Xi'an.
In Asia, the Bank provides corporate and commercial banking,
correspondent banking, foreign currency, foreign exchange and trade
Scotiabank has the largest presence in Asia among Canadian banks.
Scotiabank operates in several other countries across the Asia Pacific
Region, including Australia, India, Korea, Japan, Malaysia, Singapore,
Scotiabank is a leading multinational financial services provider and
Canada's most international bank. With more than 82,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. In December 2012, Scotiabank became the first
Canadian bank to be named Global Bank of the Year and Bank of the Year
in the Americas by The Banker magazine, a Financial Times publication.
With assets of $736 billion (as at January 31, 2013), Scotiabank trades
on the Toronto (BNS) and New York Exchanges (BNS). For more information
please visit www.scotiabank.com.
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