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30
Dec
2009
Scotiabank expands in Xi'an E-mail
News - Xi'an News
Written by ND
Scotiabank today announced that it has completed the acquisition of a further 13.2% stake in Xi'an City Commercial Bank ('XACB'), a leading city commercial bank in Western China, increasing Scotiabank's holding to 14.8%. In addition, Scotiabank has entered into definitive agreements that upon receipt of final regulatory approvals, will see the bank's ownership stake in XACB increase to 18.1%.

When completed, the total investment in XACB will reach C$162 million. After closing, Scotiabank intends to acquire additional shares from private sources to reach a total combined stake of approximately 20%, the regulatory limit for foreign bank investments in China.

"The China market has strong fundamentals with very good long-term growth prospects," said Rob Pitfield, Group Head, International Banking, Scotiabank. "Scotiabank's increased investment in Xi'an City Commercial Bank is a great opportunity for us to capitalize on the strength of the China market and on the strong relationship that we have already built with XACB."

As a result of today's announced agreements, XACB's major shareholders now include Scotiabank, China Cinda Asset Management Co and Xi'an Municipal Government related entities. The increased ownership in XACB will increase Scotiabank representatives on XACB's Board of Directors from one to two and also increase Scotiabank's representation within the senior management team from one to three.

"Xi'an City Commercial Bank is a solid financial institution, with a strong presence as a leading bank in the city of Xi'an, a major city in Western China with over 8 million people," added Michele Kwok, Senior Vice President, Asia/Pacific & Middle East. "We are confident that this additional investment will enable Scotiabank to continue to add strategic value that will generate strong financial returns. We look forward to working closely with all new and existing shareholders and with the management of the bank."

Information

Founded in Halifax, Nova Scotia in 1832, under the name of the Bank of Nova Scotia, to facilitate the trans-Atlantic trade of the time. The bank launched its branch banking system by opening in Windsor, Nova Scotia. The expansion was limited to the Maritime Provinces until 1882, when the bank moved west by opening a branch in Winnipeg, Manitoba. The Manitoba branch later closed but the experience of doing business in a grain-town encouraged the Bank to expand into the American Midwest, including Minneapolis in 1885 and Chicago in 1892.

Scotiabank also operates locations throughout Mexico, after the purchase of the Mexican bank Inverlat, and deals in all aspects of personal banking, business banking, and property and auto loans.

By 1900, The Bank of Nova Scotia had opened 38 branches across Canada, the United States and Jamaica. In Canada, the Bank was represented in all of the Maritime Provinces, Quebec, Ontario and Manitoba. In 1892, the Bank of Nova Scotia became the first Canadian bank to establish in Newfoundland – 55 years before the dominion joined Confederation.

Our valuable Editor ND has been with us since Monday, 15 June 2009.

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