Alliance to offer financial services to people emigrating from India to Canada and to Non-Resident Indo-Canadians seeking accounts in India
TORONTO, Sept. 4, 2012 /CNW/ - Scotiabank today announced it has reached an agreement with India's Kotak Mahindra Bank Limited to provide financial services to people emigrating to Canada and to Indo-Canadians seeking accounts and investment services in India. This alliance will bring together the respective strengths of each bank to enable referrals for customers in Canada and India, subject to local banking regulations.
"We're Canada's most international bank and we've had a presence in India for the past 30 years which gives us a unique perspective on what international clients are looking for in financial planning," said Troy Wright, Scotiabank's Executive Vice President of Retail Distribution, Canadian Banking. "Partnering with Kotak Mahindra Bank gives Scotiabank a platform to reach out to Indian residents immigrating to Canada and provides our customers in Canada with a referral to one of the leading financial institutions in India."
Through the alliance, select Kotak Mahindra Bank branches will offer Canada-bound Indian residents with access to the Scotiabank StartRight Program for Newcomers. The Scotiabank StartRight program includes an international account opening program and assists with Canadian credit card applications, all prior to leaving India. In Canada, select Scotiabank branches will help non-resident Indian customers seeking bank accounts in India by referring them to Kotak Mahindra Bank's MyIndia Program - their non-resident Indian (NRI) and people of Indian Origin (POI) banking solution.
"We are delighted to partner with Scotiabank," said KVS Manian, President, Consumer Banking, Kotak Mahindra Bank. "The alliance brings together the strengths of both banks to collectively meet the diverse financial needs of the Indian community. We look forward to providing a comprehensive NRI Banking product suite to the Indian Diaspora in Canada through our MyIndia Program."
Kotak Mahindra Bank received a banking license from the Reserve Bank of India in February 2003 and has over 375 branches, and 863 ABMs, in 219 locations across India. The Kotak Mahindra group has a consolidated net worth of `13,430 cr (approximately US$ 2.4 billion) as of June 30, 2012.
"We have a strong focus on NRI Banking and our alliance with Scotiabank further strengthens our customer offering," said Virat Diwanji, Executive Vice President & Head, Branch Banking, Business Assets & NR, Kotak Mahindra Bank. "Canada has a sizable NRI and PIO population and both banks look forward to sharing common values of excellence in serving our clients and meeting their banking and financial needs."
In addition to its new partnership with Kotak Mahindra Bank, Scotiabank offers the Scotiabank StartRight international account opening program in select Scotiabank branches in India and Mexico and through China Everbright Bank in China.
"We understand that moving around the world is an enormous undertaking, and we strive to offer some stability during this transition by helping people with the financial part of their move," said Winnie Leong, Scotiabank's Vice President of Multicultural Banking. "This strategic alliance with Kotak Mahindra Bank expands our reach in India, and gives both banks an opportunity to provide relevant advice and services to customers planning a move to Canada."
The Scotiabank StartRight Program is available at any Scotiabank branch in Canada or by calling 1-866-800-5159 (from North America) or 000 800 100 7460 (from India). To better assist customers both in India and Canada, the Scotiabank StartRight website (www.scotiabank.com/startright) is available in a variety of languages, including Punjabi. Once in Canada, newcomers can also find the nearest branch with an advisor fluent in their language by using the branch locator tool at www.scotiabank.com/branchlocator.
About the Scotiabank StartRight Program for Newcomers
Launched in 2008, the Scotiabank StartRight Program for Newcomers was created for Canadian Landed Immigrants from 0-3 years in Canada, International Students and Foreign Workers. The Scotiabank StartRight Program provides the right advice and financial solutions to help newcomers plan their future in Canada. For more details on the Scotiabank StartRight Program, please visit www.scotiabank.com/startright.
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 81,000 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. With assets of $670 billion (as at July 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
About Kotak Mahindra Bank
Established in 1985, the Kotak Mahindra group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, received banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank - Kotak Mahindra Bank Ltd.
Kotak Mahindra Bank offers complete retail financial solutions for varied customer requirements. The Savings Account goes beyond the traditional role of savings and provides a range of services through a comprehensive suite of investment services and other transactional conveniences like Online Shopping, Bill Payments, ASBA, Netc@rd, ActivMoney (Automatic TD sweep-in and Sweep-out) etc. The Bank also offers an Investment Account where Mutual Fund investments are recorded and can be viewed in a consolidated fashion across fund houses & schemes. One can purchase, redeem, switch and even make systematic investments in Mutual Fund Schemes of over 20 Indian Mutual Fund houses. All this can be availed through Internet or phone banking services. The Bank also offers loan products such as Home Loans, Personal Loans, Commercial Vehicle Loans, etc. Keeping in mind the diverse needs of the Business Community, Kotak Mahindra Bank offers comprehensive business solutions that include Current Account, Trade Services, Cash Management Services and Credit facilities. Kotak Mahindra Bank has over 375 branches and over 863 ATMs spread across 219 locations in the country. The Bank has the products, the experience, the infrastructure and most importantly the commitment to deliver pragmatic, end-to-end solutions that really work. For more information, please visit www.kotak.com.
For further information:
Scotiabank - Media
Kotak Mahindra Bank - Media
Kotak Mahindra Bank
M: +91 9167930026
Kotak Mahindra Bank
M: +91 9619866877