Scotiabank's fund management joint venture with Bank of Beijing receives regulatory approval

Scotiabank's fund management joint venture with Bank of Beijing receives 
regulatory approval 
TORONTO, March 15, 2013 /CNW/ - Scotiabank today announced that along with its 
joint venture partner Bank of Beijing, the Bank of Beijing Scotiabank Asset 
Management Co. Ltd. has received regulatory approval for a license to operate 
as a fund management company in China. This is the first fund management 
license issued in China under a new round of pilot programs allowing 
commercial banks to set up fund management companies 
As part of this joint venture, Bank of Beijing holds a majority interest in 
the fund management company while Scotiabank and General Research Institute 
for Nonferrous Metals both hold minority stakes. 
"Scotiabank is proud to be working with the Bank of Beijing to establish a 
fund management joint venture in China and contribute to the development of 
China's growing wealth management sector," said Chris Hodgson, Group Head of 
Global Wealth Management at Scotiabank. "This is another way that Scotiabank 
is growing and investing to build on the strength of our international wealth 
management platform. 
"As Canada's most international bank, Scotiabank has extensive experience 
working with local partners to develop new opportunities that serve customer 
needs in foreign markets. Scotiabank brings a long record of strength and 
stability, a culture of prudence and customer focus, and recognized leadership 
in corporate governance and risk management." 
High saving rates among citizens, pace-setting economic growth and an increase 
in China's working-age population are expected to drive asset growth of 
Chinese fund management companies. As at the end of 2012, total Assets Under 
Management (AUM) in the industry stood at RMB2.79 trillion (US$450Bn). 
About Scotiabank in China and Asia 


    --  The Bank opened a representative office in 1982 and our
        presence has since grown to include branches in Guangzhou,
        Chongqing and Shanghai. The Bank also has branches in Hong Kong
        and Taipei in the greater China region.
    --  In September 2011, Scotiabank announced to the acquisition of a
        19.99% stake in the Bank of Guangzhou, subject to regulatory
        approval.
    --  Scotiabank holds a 19% interest in Bank of Xi'an.
    --  In Asia, the Bank provides corporate and commercial banking,
        correspondent banking, foreign currency, foreign exchange and
        trade finance services.
    --  Scotiabank has the largest presence in Asia among Canadian
        banks.
    --  Scotiabank operates in several other countries across the Asia
        Pacific Region, including Australia, India, Korea, Japan,
        Malaysia, Singapore, Thailand, Vietnam.

About Scotiabank
Scotiabank is a leading multinational financial services provider and Canada's 
most international bank. With more than 82,000 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. In December 2012, 
Scotiabank became the first Canadian bank to be named Global Bank of the Year 
and Bank of the Year in the Americas by The Banker magazine, a Financial Times 
publication. With assets of $736 billion (as at January 31, 2013), Scotiabank 
trades on the Toronto (BNS) and New York Exchanges (BNS). For more information 
please visit www.scotiabank.com.

For media enquiries: Paula Cufre,paula.cufre@scotiabank.com, 416-866-4833

SOURCE: Scotiabank

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CO: Scotiabank
ST: Ontario
NI: FIN VNT COS 

-0- Mar/15/2013 18:52 GMT


 
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