Scotia Bank to expand India, China ops

Canada's Bank of Nova Scotia is looking to carve out more business and push its brand in India after more than two decades of a marginal banking presence in the world's second most populated country.

The move could also help the bank establish a strong relationship with regulators in India, which could open the door to future expansion opportunities, Rob Pitfield, its executive vice-president said yesterday.

"India and China are two fantastic countries that we are very interested in, so we are continually working with the government to see what they would be willing to permit us to do," he said.

"Just by the fact that you're there and you're taking these opportunities, clearly your competitors can't," Pitfield said, adding "In India it's quite regulated so it's difficult for a foreign company to invest, but on the other hand it's a fantastic partner."

The official said that the bank already has five branches serving retail and commercial customers in India and is exploring opportunities to make bigger acquisitions that could include banks or financial service companies in the country.

A stepping stone to that expansion will be the opening of Scotia Bank's latest Chinese commercial branch in Shanghai.

In China, where regulators have not yet allowed the bank to establish retail locations, Scotia bank is building a relationship with regulators that it hopes will open doors.