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Scotiabank Wants to Increase Stake in China’s Bank of Xi’an

Sept. 9 (Bloomberg) -- Bank of Nova Scotia, Canada’s third-largest bank, wants to increase its stake in China’s Bank of Xi’an to more than 18 percent, according to Brian Porter, Scotiabank’s group head of international banking.

“We’re waiting for subject regulatory approval, but that’s going to go to 18 percent plus shortly,” Porter said today in a telephone interview.

Scotiabank also announced today that it plans to buy a stake in closely held Bank of Guangzhou for about C$719 million ($722 million) to increase branches and deposits in China. Foreign banks are allowed to own two 20-percent stakes of financial institutions in China, Porter said.

Related News and Information: Top Canadian news: {TOPC <GO>} Top financial news: {FTOP <GO>} Canadian bank news: {TNI CANADA BNK <GO>}

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

To contact the editors responsible for this story: David Scanlan at Rick Green at rgreen18@bloomberg.net.

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