Scotiabank announces agreement to establish a relationship with India's HDFC Bank

    - to offer services for Indian citizens immigrating to Canada and
    Canadian customers seeking accounts in India -

    TORONTO, June 19 /CNW/ - At a reception this evening to celebrate
Canada's multicultural communities, Scotiabank representatives announced a new
agreement to establish a relationship with HDFC Bank in India. This agreement
will leverage the strong presence of each bank and enable referrals for
customers in Canada and India, subject to local banking regulations. A formal
agreement is expected to be signed shortly.
    "As we celebrate Canada's diverse multicultural communities, we are very
proud to announce a new relationship with HDFC Bank in India. This 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," said Sabi Marwah, Vice-Chair and
Chief Administrative Officer, Scotiabank.
    For the year ended March 31, 2008, HDFC Bank reported a net profit of INR
15.90 billion (Rs.1590.2crore or approximately C$379 million), up 39.3%, over
the corresponding year ended March 31, 2007. As of March 31, 2008 total
deposits were INR 1,007.69 billion, (Rs.100,769 crore or approximately
C$24 billion) up 47.5% over the corresponding year ended March 31, 2007. Total
balance sheet size too grew by 46.0% to INR 1,331.77 billion (Rs.133,177 crore
or approximately $C31 billion).
    As on May 23, 2008, HDFC Bank had a network of 1167 branches across
India. On this date the amalgamation of HDFC Bank with Centurion Bank of
Punjab was formally approved by Reserve Bank of India to complete the
statutory and regulatory approval process.
    "We are happy to work with Scotiabank in this initiative. Our
institutions share common values of excellence in serving our clients and
meeting their banking and financial needs. We look forward to creating value
for our shared customers as we move forward," said Abhay Aima, Group Head,
Equities, Private Banking, Third Party Products, NRI & International Consumer
Business, HDFC Bank.
    "According to Statistics Canada, between 2001 and 2006, 155,000 people
immigrated to Canada from India. Through our relationship with HDFC Bank, we
will be able to start a conversation with people coming to Canada before they
leave home. For people who are in the process of moving halfway around the
world, being able to establish an early banking relationship provides some
stability in the midst of change," said Rania Llewellyn, Vice-President of
Multicultural Banking, Scotiabank.
    Ms. Llewellyn added, "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. This service enables us to provide our
customers with unique value."

    About Scotiabank
    Scotiabank has had a presence in India since 1984 and is proud to
maintain a strong presence with 5 branches in Mumbai, New Delhi, Coimbatore,
Bangalore and Hyderabad. Through our branch network and ScotiaMocatta, we are
pleased to offer a broad range of corporate and commercial services along with
some retail banking products.
    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 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 $453 billion in assets (as at April 30, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit

    About HDFC BANK
    Promoted in 1995 by Housing Development Finance Corporation (HDFC),
India's leading housing finance company, HDFC Bank is one of India's premier
banks providing a wide range of financial products and services to its over
11 million customers across hundreds of Indian cities using multiple
distribution channels including a pan-India network of branches, ATMs, phone
banking, net banking and mobile banking. Within a relatively short span of
time, the bank has emerged as a leading player in retail banking, wholesale
banking, and treasury operations, its three principal business segments.
    The bank's competitive strength clearly lies in the use of technology and
the ability to deliver world-class service with rapid response time. Over the
last 13 years, the bank has successfully gained market share in its target
customer franchises while maintaining healthy profitability and asset quality.
    Leading Indian and international publications have recognized the bank
for its performance and quality.
    For more information please log on to:

    /NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
    the CNW Photo Network and archived at
    Additional archived images are also available on the CNW Photo Archive
    website at Images are free to accredited
    members of the media/

For further information:

For further information: For media queries please contact: Frank
Switzer, Scotiabank Public Affairs, Tel.: (416) 866-7238,; Neeraj Jha, Head, Corporate Communications,
HDFC Bank Ltd. Mumbai, Tel: 91 - 22 - 6652 1308 (D) or 6652 1000 (B), Fax: 91
- 22 - 2490 3168, Mobile: 093236 20828,

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