OTTAWA and TORONTO, Aug. 27 /CNW/ - Export Development Canada (EDC) and
Scotiabank Mexico today announced an agreement through which EDC will
guarantee Scotiabank Mexico loans in Mexico to either importers of Canadian
goods and services or subsidiaries of Canadian companies operating in Mexico.
This is the first Guarantee Agreement that EDC has signed with a Financial
Institution in Mexico.
"Scotiabank is extremely pleased to be exclusively partnering with EDC to
assist companies in the importing of Canadians goods and services to Mexico
and facilitating the establishment of Canadian subsidiaries in Mexico," said
Alberta G. Cefis, Executive Vice-President and Group Head, Global Transaction
Banking, Scotiabank. "This new partnership will enable Scotiabank to provide
customers in Canada and Mexico with end-to-end supply chain financing
"EDC and Scotiabank's interests in the Mexican market are very well
aligned, and this agreement reflects our shared interest in doing more
business there and growing the presence of Canadian companies in this vital
market," said Eric Siegel, President and CEO of EDC.
"EDC and Scotiabank have a long and strong relationship and this new
exclusive partnership builds on our shared commitment to helping Canadian and
Mexican companies involved in international trade," said Nicole Reich de
Polignac, President and CEO, Scotiabank Mexico. "This partnership with EDC is
very exciting because it will help Canadian companies to enter Mexico and
invest in this booming economy."
Under the agreement, EDC will guarantee up to 75 per cent of the loan
amount, to a maximum of USD $5 million. EDC's participation is predicated upon
loans that support Canadian export contracts or facilitate Canadian capacity
in Mexico. The agreement will provide for loans in U.S. dollars or in Mexican
Mexico is a key market for EDC, averaging CAD $2.3 billion in business
volume since 2005, largely focussed on the extractive, transport,
infrastructure, and information communication technology sectors. EDC has
permanent representations in Mexico City and Monterrey that develop
relationships with Mexican Companies, Canadian suppliers and Canadian
subsidiaries operating in the country. In 2007 EDC served over 500 Canadian
companies doing business with Mexico.
Through this exclusive partnership with EDC, Grupo Scotiabank seeks to
increase its product offering and provide customers in Canada and Mexico with
the best end-to-end supply chain financing solutions, designed to facilitate
international trade and mitigate risk. Scotiabank Mexico serves 1.8 million
customers in 635 branches throughout Mexico.
EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their international
business. EDC's knowledge and partnerships are used by nearly 7,000 Canadian
companies and their global customers in up to 200 markets worldwide each year.
EDC is financially self-sustaining, is a recognized leader in financial
reporting and economic analysis, and has been named one of Canada's Top 100
Employers for seven consecutive years.
In Latin America, Scotiabank has operations in Brazil, Chile, Costa Rica,
Dominican Republic, El Salvador, Guatemala, Mexico, Panama, Peru, Puerto Rico
and Venezuela. The Bank has 26,508 employees, 2,378 automated banking machines
(ABMs) and kiosks, plus 1,274 branches and offices in the region. Scotiabank
has been in El Salvador since 1997, where it is the fourth-largest bank; in
Peru since 1997, where it is the third-largest bank; Mexico since 1967, where
it is the sixth-largest commercial bank; and Chile since 1990, where it is the
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 $462 billion in assets (as at July 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
For further information:
For further information: Media contact: Phil Taylor, Public Affairs,
Export Development Canada, (613) 598-2904; Jane Shannon, Scotiabank Public
Affairs, (416) 933-3056, firstname.lastname@example.org; José Manuel Suarez,
Grupo Scotiabank, 52 (55) 5229 2586, email@example.com