Canada’s First Retail Branch in China

Article Excerpt

BANK OF NOVA SCOTIA $46 (Toronto symbol BNS; SI Rating: Above average) has long been the most international of all Canada’s big five banks. Now it has received permission from Chinese banking regulators to convert its Shanghai office into a full retail branch. This new branch will focus on providing loans to import-export firms, in addition to accepting deposits and providing foreign exchange services. It will offer some personal banking services, but only to its current business customers. Although Bank of Nova Scotia has operated in China for over 20 years, it is the first Canadian bank to set up a retail branch in China. This will give Bank of Nova Scotia a “first-in” advantage over other foreign banks, particularly as China opens up more of its financial services market to foreign competition. Bank of Nova Scotia is a buy. buy…

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