Alexa
  • Directory of Taiwan

Scotiabank increases stake in Chinese bank

Scotiabank increases stake in Chinese bank

The Bank of Nova Scotia has increased its stake in China's Xi'an City Commercial Bank to 14.8 percent, with plans to eventually hold one-fifth of the financial institution.
Scotiabank, Canada's third largest bank, said Wednesday it will invest a total of $162 million (US$155 million) to increase its ownership to a total of 20 percent, the maximum stake foreign banks are allowed to hold under Chinese regulations.
The bank is based in a city of more than eight million people in western China.
Toronto-based Scotiabank operates in 11 countries in the Asia-Pacific region. It has been in China since 1982. Scotiabank Group serves 14.6 million customers in some 50 countries worldwide.


Updated : 2021-07-29 10:04 GMT+08:00