Asia Is Scotiabank's Next Target For Growth

Vanessa Doctor

8 April 2010

Canada's Bank of Nova Scotia is poised for an expansion in Asia after successfully expanding its operations in Latin America, a report by Bloomberg reveals.

In an interview with the news agency, president and chief executive officer Richard Waugh said that the bank intends to focus first on the twelve countries where it already has existing businesses, including China, Hong Kong, and Singapore.

"There's no doubt that Asia will have an increased focus. We said four or five years ago that Asia is next. Well, next is now," Waugh was quoted as having said.

Scotiabank recently scored a huge win after Thai partner Thanachart Bank took over Siam City Bank for $2.2 billion to transform itself into the country's fifth-biggest lender. The Canadian bank holds a 48 per cent interest in TBank and contributed around C$650 million ($649.6 million) for the purchase.

Waugh did not mention which companies the bank is eyeing for potential acquisitions.