TORONTO, Oct. 22 /CNW/ - As part of a strategy to provide comprehensive,
integrated business banking solutions to corporate and commercial clients
across the NAFTA region, Scotia Capital and Scotiabank's Global Transaction
Banking unit today announced new U.S. based services including core cash
management and payment services.
"Successful global companies are looking for banks to provide solutions
in the many countries where they operate," said Alberta Cefis, Executive
Vice-President and Group Head Global Transaction Banking, Scotiabank. "Our new
offering for the U.S. domestic market builds on our unmatched NAFTA presence,
complements our existing cross-border and global capabilities, and allows us
to deepen our relationships with national and multinational clients."
"Scotia Capital has a long history of providing global corporate and
investment banking, and capital markets products and services, particularly in
the U.S. market where we have had a presence for more than a century," said
Stephen McDonald, Co-Chairman and Co-Chief Executive Officer, Scotia Capital
and head of Global Corporate and Investment Banking. "Our unique international
business model, which includes centralized and common processes coupled with
wholesale products and services under the Scotia Capital brand, allows us to
provide a seamless approach to satisfying our clients' needs, regardless of
What began as a pilot in May 2007 is now broadly available to Scotiabank
corporate and commercial clients across the U.S. The U.S. capabilities
- U.S. domiciled operating accounts with comprehensive electronic
collection and disbursement capabilities.
- Access to the ScotiaConnect electronic banking service for real-time
balance and transaction information on Scotiabank Canadian and U.S.
accounts, and prior day or next day reporting for accounts held at
Scotiabank subsidiaries and other financial institutions.
- U.S. and international payment services through the ScotiaConnect
Wire Payments service.
- ACH collection and payment services in the U.S.
- As well, in 2006 we launched a USD Wholesale Investment Account
(WIA) and expanded our Commercial Card program.
"We recognize that our clients are looking for comprehensive solutions,"
continued Ms. Cefis. "It becomes expensive and inefficient to buy different
services in each market, so it has become a worldwide trend to look for
financial services providers that can offer global solutions and capabilities
wherever they may operate. As Canada's most international bank with operations
in some 50 countries around the world and a unique presence in the NAFTA
countries, we are uniquely positioned to meet the needs of our clients."
In addition, the Bank has introduced an English-language version of its
Mexican electronic banking service, Scotia en Linea, to ensure that clients
can have real-time access to detailed balance and transaction information on
their accounts across the NAFTA region.
A subsidiary of Scotiabank, Scotia Capital offers lending, investment
banking and capital markets products to corporate, government and
institutional clients. It provides full-service coverage across the NAFTA
region, as well as a niche focus in select markets globally, through two
divisions: Global Capital Markets and Global Corporate and Investment Banking.
Scotia Capital has 18 offices and more than 300 relationship managers
organized around industry specialties.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With almost 60,000 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 $408 billion in assets (as at July 31, 2007), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
For further information:
For further information: Ann DeRabbie, Scotiabank Public Affairs, (416)