Single banking services for Indian and Canadian consumers

A new agreement is to be signed in a short time by Scotiabank and HDFC Bank in India to offer services for Indian citizens immigrating to Canada and Canadian customers seeking accounts in India.

"As we celebrate Canada's diverse multicultural communities, we are very proud to announce a new relationship with HDFC Bank in India. This will enable Scotiabank to reach out to people in India who are immigrating to Canada and, at the same time, provide our customers in Canada with a referral to one of the leading financial institutions in India," said Sabi Marwah, Vice-Chair and Chief Administrative Officer, Scotiabank.

"According to Statistics Canada, between 2001 and 2006, 155,000 people immigrated to Canada from India. Through our relationship with HDFC Bank, we will be able to start a conversation with people coming to Canada before they leave home. For people who are in the process of moving halfway around the world, being able to establish an early banking relationship provides some stability in the midst of change," said Rania Llewellyn, Vice-President of Multicultural Banking, Scotiabank.

"At the same time, this relationship should enable Scotiabank to refer customers to one of India's largest private banks, with a solid reputation for excellence. This service enables us to provide our customers with unique value," Llewellyn added