HONG KONG and TORONTO, March 19 /CNW/ - Scotiabank today announced it has
signed a Strategic Co-operation Memorandum (SCM) with Bank of Dalian Co. Ltd.
(BOD), formerly Dalian City Commercial Bank, outlining the Bank's intention to
explore a strategic partnership by way of a minority investment in China's
seventh-largest city commercial bank.
"Like any company, anywhere in the world, Scotiabank is always looking
for growth opportunities," said Rob Pitfield, Scotiabank Executive
Vice-President, International Banking. "We are optimistic about the potential
for growth in China and this agreement further demonstrates our commitment to
explore this important market."
Founded in March 1998 and with assets approaching US$8 billion, BOD is an
amalgamation of urban co-operatives based in the city of Dalian. The Bank has
90 branches and 1,650 employees.
The city of Dalian is a hub for transportation, finance, trade and
tourism and serves as the gateway to Beijing and Tianjin. More than 100
million people live in the region, which includes three Chinese provinces and
inner Mongolia. About 80 per cent of the export cargoes from northeast China
are handled through the Dalian port every year.
"Scotiabank has long recognized that unique opportunities for growth can
be found beyond Canada's borders," said Michele Kwok, Senior Vice-President,
Asia-Pacific and the Middle East, Scotiabank. "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 operates in 11 countries in the Asia-Pacific and Middle East
region, with about 700 employees and 26 branches and offices. The bank
primarily offers corporate and commercial products and services, including
loans, trade finance, treasury, precious metals, foreign exchange and project
and transportation financing, correspondent banking, loan syndications,
securities investment and retail mortgage financing in selected countries.
Scotiabank will celebrate its 25th anniversary in China in May 2007,
commemorating a presence that began with the opening of the Beijing
Representative Office in 1982.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With over 57,000 employees, Scotiabank Group
and its affiliates serve approximately 12 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With $396 billion in assets (as at January 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
For further information:
For further information: Krista Pawley, Scotiabank, at (416) 866-3703,
or at firstname.lastname@example.org