Scotiabank has been in the Asia-Pacific for 50 years,according to Rod Reynolds,President of Asia-Pacific and Middle East for Scotiabank.We have been in China for 30 years and have three branches there.We are focused on organic growth, but have a 19% stake in the Bank of Xi'an,as well as a stake in China Everbright bank.We are really encouraged by reforms that will increase the opportunity for Chinese companies to grow.We are well-positioned in China.
The company also has a Bank of Beijing/Scotia Asset Management joint venture.*
The ASEAN countries are a particular focus for us:Singapore,Malaysia,Vietnam and Thailand.All of our 700 Thai branches are open despite the recent unrest.We have an active business continuity plan in place.We have a very diverse asset list in Thailand.The country's been remarkably resilient to such events.We are growing rapidly in Thailand,at a rate of 20% per annum.
Thai protestors have been blockading intersections in Bangkok,demanding the resignation of Prime Minister Yingluck Shinawatra and an unelected council to oversee reforms.*
Scotiabank,the largest overseas bank in Canada,is now focused on integrating the acquisitions we made during the global financial crisis,but open to opportunities that may arise,Mr.Reynolds said.
Scotiabank(BNS)
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