Scotiabank Explores Minority Stake in China's Bank of Dalian
biz.yahoo.com
Sunday March 18, 11:38 pm ET
HONG KONG and TORONTO, March 19 /CNW/ - Scotiabank today announced it has signed a Strategic Co-operation Memorandum (SCM) with Bank of Dalian Co. Ltd. (BOD), formerly Dalian City Commercial Bank, outlining the Bank's intention to explore a strategic partnership by way of a minority investment in China's seventh-largest city commercial bank.
"Like any company, anywhere in the world, Scotiabank is always looking for growth opportunities," said Rob Pitfield, Scotiabank Executive Vice-President, International Banking. "We are optimistic about the potential for growth in China and this agreement further demonstrates our commitment to explore this important market."
Founded in March 1998 and with assets approaching US$8 billion, BOD is an amalgamation of urban co-operatives based in the city of Dalian. The Bank has 90 branches and 1,650 employees.
The city of Dalian is a hub for transportation, finance, trade and tourism and serves as the gateway to Beijing and Tianjin. More than 100 million people live in the region, which includes three Chinese provinces and inner Mongolia. About 80 per cent of the export cargoes from northeast China are handled through the Dalian port every year. |
