Scotiabank first Canadian bank to receive license for local currency business in China

Wednesday 22 October 2003 09:31 CET | News

The Peoples Republic of China has granted Scotiabanks Guangzhou branch the Canadian banking systems firstlocal currency banking license in China.

The license allows Scotiabank to conduct business using Renminbi (RMB), mainland Chinas national currency, with foreign companies and a select group of local companies in the nine industrialized cities open to foreign banks for this type of business. Previously, Scotiabank could only accept deposits and grant loans in foreign currencies in China. Bank services available in China include: deposits, foreign currency exchanges, cash advances, loans, letters of credit, letters of guarantee, collections, balance reporting and wire/SWIFT transfers. Scotiabank has been operating in China since 1982, with two branches (Guangzhou, Chongqing) and a representative office in Beijing. In September of 2002, Scotiabank and the International Finance Corporation signed a Memorandum of Understanding with Xian City Commercial Bank for a minority stake in XACB. This investment is expected to be completed later this year or early 2004. Scotiabank is one of North Americas premier financial institutions and Canadas most international bank. With approximately 48,000 employees, Scotiabank Group and its affiliates serve about 10 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking.

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Categories: Payments & Commerce | Mobile Payments
Countries: World
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Payments & Commerce