SOURCE: Scotiabank

Scotiabank

December 11, 2013 07:30 ET

Scotiabank Announces Partnership With Bank of Beijing

Scotiabank StartRight Program Helps Newcomers Start the Financial Transition to Canada While Still in China

TORONTO, ON--(Marketwired - December 11, 2013) - Scotiabank, Canada's most international bank, has reached an agreement with the Bank of Beijing, a leading financial institution in China, to help immigrants, international students and foreign workers moving to Canada begin their financial transition before they leave China.

"Working in countries around the world has given us a strong understanding of the important decisions that are involved in moving to a new country," said Albrey Yeung, Director of Asian Markets, Multicultural Banking at Scotiabank. "One of the top priorities for newcomers arriving in Canada is to find a financial institution. Through our new partnership with Bank of Beijing, we are able to give immigrants, foreign workers and international students a head start on this process by helping them establish a Canadian banking relationship before they arrive."

Under Scotiabank's cooperation agreement with the Bank of Beijing, Chinese immigrants, international students and foreign workers planning to move to Canada are able to open a bank account and apply for a credit card with Scotiabank through approximately 20 participating Bank of Beijing locations in China. Once in Canada, customers can visit their local Scotiabank branch to activate their accounts, receive their credit card and take advantage of additional benefits included in the Scotiabank StartRight Program, Scotiabank's banking package designed for newcomers to Canada.

"We look forward to working with Scotiabank to help customers in China put themselves in the best position possible before they begin their lives in Canada," said Lihua Feng, Chief Retail Officer, Bank of Beijing.

The new partnership with Bank of Beijing will expand Scotiabank's existing relationships in China, adding to Scotiabank's ongoing partnerships with China Everbright Bank and Bank of Xi'an. Through these partnerships, immigrants, international students and foreign workers moving to Canada are able to open an account with Scotiabank through more than 200 participating branches in 44 cities all across China. 

The Scotiabank StartRight Program is available at any Scotiabank branch in Canada or by calling 1-866-800-5159 (from North America) or 008 800 8800 5159 (from Mainland China). To better assist customers both in China and Canada, the Scotiabank StartRight website (www.scotiabank.com/startright) is available in a variety of languages, including Traditional and Simplified Chinese. Once in Canada, newcomers can also find the nearest branch with an advisor fluent in their language by using the branch locator tool at www.scotiabank.com/branchlocator.

The Scotiabank StartRight international account opening program is also available in select Scotiabank branches in Mexico and India, and through India's Kotak Mahindra Bank.

About the Scotiabank StartRight Program for Newcomers

Launched in 2008, the Scotiabank StartRight Program for Newcomers was created for Canadian Landed Immigrants from 0-3 years in Canada, International Students and Foreign Workers. The Scotiabank StartRight Program provides the right advice and financial solutions to help newcomers plan their future in Canada. For more details on the Scotiabank StartRight Program, please visit www.scotiabank.com/startright.

About Scotiabank in China and Asia

  • Scotiabank opened a representative office in 1982 and its presence has since grown to include branches in Guangzhou, Chongqing and Shanghai. Scotiabank also has branches in Hong Kong and Taipei in the greater China region.
  • In March 2013, Scotiabank and Bank of Beijing received regulatory approval to operate a fund management joint venture named Bank of Beijing Scotiabank Asset Management Co., Ltd.
  • Scotiabank holds a 19% interest in Bank of Xi'an.
  • Scotiabank entered into two reciprocity agreements with China Everbright Bank (2009) and Bank of Xi'an (2012) for immigrants and students seeking a bank account in Canada.
  • In Asia, Scotiabank 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, Malaysia, Singapore, Thailand, Vietnam.

About Scotiabank
Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 83,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. Scotiabank distributes the Bank's media releases using Marketwired. With assets of $744 billion (as at October 31, 2013), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information please visit www.scotiabank.com.

About Bank of Beijing
Bank of Beijing is a Sino-foreign joint stock commercial bank, founded in 1996. Currently, the Bank has set up over 240 branches in Beijing, Tianjin, Shanghai, Shenzhen, Hangzhou, Changsha, Nanjing, Jinan and Nanchang. The Bank also initiated the establishment of Beijing Yanqing Village Bank, Wencheng Village Bank and Jilin Nong'an Village Bank, set up representative offices in Hong Kong and Amsterdam, initiated Bank of Beijing Consumer Finance Company -- the first consumer finance operation in China, established insurance joint venture ING-BoB Life Insurance as one of the first pilot, and set up Bank of Beijing Scotiabank Asset Management as the first banking institution for the third batch of pilot program. The success of Bank of Beijing has established a classic development pattern for small/medium-sized banks.

As of the end of June 2013, Bank of Beijing's total assets balance was RMB 1.20 trillion. Net profit achieved was 7.8 billion Yuan, with Profit per capita of 0.92 million Yuan and a cost/income ratio at only 19.70%. It's ROA and ROE was 1.34% and 21.14% respectively. NPL ratio was 0.59% while provision coverage ratio increased to 427% and CAR reached 11.92%. The Bank holds a brand value of 1.49 billion Yuan and ranks No.105 in terms of tier1 capital on the latest World Top1000 Banks list. The Bank will continue to build a "most profitable bank per capita", with leading performance of all financial indicators.

Throughout the past 17 years, Bank of Beijing has always been active in fulfilling its social responsibility. It has donated in total almost 70.00 million Yuan to support medical care, education and other charity activities. With the outstanding performance and excellent products and services, Bank of Beijing is highly appraised by the public. The Bank received several honors such as "National civilized units", "Best regional bank", "Best Chinese city commercial retail bank", "Top10 listed Asian banks", "Top100 Chinese listed companies", "Outstanding Chinese companies for social responsibility", "Listed companies with most sustainable investment value", and "China's outstanding corporate citizens" etc.

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