HDFC Bank ties up with Canada’s ScotiabankJune 20th, 2008 - 3:51 pm ICT by IANS
Toronto, June 20 (IANS) Canada’s Scotiabank has inked a pact with HDFC Bank to reach out to customers in India. Unveiling the new agreement at the launch of the bank’s multicultural banking department here Thursday, Scotiabank executive vice-president and chief administrative officer Sabi Marwah said the pact would enable his bank to reach out to Indians relocating to Canada, and, at the same time, provide its Canadian customers with a referral to one of India’s leading financial institutions.
The two banks signed a memorandum of understanding last November, and a formal agreement to cement their relationship will be signed soon.
With this agreement, Indians relocating from India to Canada will have their banking problems addressed in India itself, and be able to open their Canadian accounts even before arriving in that country, Marwah told IANS.
Prithipal Singh, chief representative of HDFC Bank in Canada, said his bank was proud to have a tie-up with Canada’s second largest and most international bank.
“This is major step for the two banks which will solve the banking problems of immigrants from India,” he said.
Canada-India Business Council president Kam Rathee welcomed the deal, saying it was a “very strategic move” by Scotiabank for future entry into India.
“Having missed out on the Bank of Punjab which was later acquired by the Centurion Bank (which later was acquired by HDFC Bank), Scotiabank has struck the next best deal in India by tying up HDFC Bank,” Rathee said. “Who knows, there could be an HDFC-Scotiabank in India soon.”
With over $450 billion in assets and 65,000 employees, Scotiabank operates in more than 50 countries and serves more than 12 million customers.
It started its operations in India in 1984 and currently has five branches - Delhi, Mumbai, Bangalore, Hyderabad and Coimbatore.
“We want to open more branches, but the Reserve Bank of India does not allow us. We are waiting for them to ease regulatory hurdles,” Marwah said.
HDFC Bank has more than 1,160 branches in India, making it India’s second largest private bank after ICICI Bank.
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