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Day marked by announcements in India, Peru TORONTO, June 19 /CNW/ - With Canada Day fast approaching, Scotiabank hosted a reception this evening to celebrate the GTA's multicultural communities. The event featured mariachis, a ceremonial lion dance and a traditional South Asian dance. The celebration came on a day when the Bank announced agreements in Peru and India. Scotiabank today announced an agreement with India's second largest private bank, HDFC Bank that would enable Scotiabank to reach out to people considering immigrating to Canada from India before they leave home and offer a referral option for Canadian residents seeking a banking relationship in India. The Bank also announced that it has acquired a 47.5 per cent stake in the private Peruvian pension fund Profuturo. Scotiabank will be working in partnership with a group of Profuturo's existing local shareholders to manage the company. "As Canada's most international bank with a presence in some 50 countries around the world, we recognize the needs of the diverse Canadian population and have a great understanding of international markets and cultural differences," said Rick Waugh, President and CEO, Scotiabank. "Scotiabank has a long history of supporting and reaching out to Canada's multicultural communities, but we recognize that in order to continue to succeed and better serve these communities we need to continually enhance our capabilities. By establishing a separate unit of the Bank to focus on the work we do with multicultural communities, we are able to better identify and meet our customers' needs." Scotiabank's Multicultural Banking unit, headed by Vice-President Rania Llewellyn, was launched earlier this year and includes Pankaj Mehra, Director of India and South Asian Markets, and Gina Li, Director of Asian Markets. In early May, Scotiabank launched the StartRight(TM) suite of financial services created to meet the immediate banking needs of recently arrived new Canadians and offer financial tools and useful tips to help them build a richer life for their families. Scotiabank branches reflect the communities they serve. Many branches offer the ability to serve customers in the languages spoken in the surrounding area and the contact centres are able to provide customer support in a range of languages. Scotiabank also offers multilingual materials for many products and services that branches can customize and provide to customers. "With over 250,000 immigrants arriving in Canada each year, and the majority settling in large urban areas, there is an ongoing need to look at the services we provide to the multicultural communities we serve," said Ms. Llewellyn. "Our extensive research and everyday interaction with our new Canadian customers reinforced the need to continue to reach out to their respective communities through a range of partnerships and sponsorships, and to back up that outreach with relevant financial products and services." In 2008, Scotiabank has launched a series of partnerships and initiatives that build on its long history of supporting multicultural communities. In February, Scotiabank was the first Canadian-based bank to launch a Euro-denominated savings account. In April, Scotiabank and Western Union announced the national rollout of a partnership that enables Scotiabank customers to use branch or online banking services to send money transfers to more than 200 countries using the global reach of Western Union. New community partnerships announced in 2008 include Scotiabank Caribana, a celebration of Caribbean culture that takes place annually in Toronto, as well as sponsorship of Cricket Canada and associated key cricket events across the country. These partnerships reinforce the very strong local connections and partnerships that Scotiabank branches across Canada have continually established over the Bank's 176-year history. Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 60,000 employees, Scotiabank Group and its affiliates serve approximately 12.5 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. With $453 billion in assets (as at April 30, 2008), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com. Scotiabank Multicultural Banking Backgrounder Scotiabank continues to build on its solid foundations of serving Canada's multicultural communities. Below are some recent examples of products, services, and partnerships that we have introduced.Scotiabank StartRight(TM) - Scotiabank's StartRight(TM) program addresses the initial banking needs of recently arrived new Canadians and offers them financial tools to build a richer life for themselves and their families. We are offering simple yet complete financial solutions in one convenient package and are working with partners like Western Union to offer our customers unique value. - The Scotiabank StartRight(TM) program offers simple yet complete financial solutions in one convenient package, including substantial savings on personal banking such as: - Establishing a free Scotiabank Day-to-Day banking account for one year - Building credit history with a No-Fee Scotia Moneyback(R) VISA card - Securing valuables with a free Safety Deposit Box - The broad-based Scotiabank StartRight(TM) program also includes helpful tips and advice for newcomers to Canada including ideas and resources to help with job searches, starting a business, finding and financing a home through the Scotia Welcome to Canada mortgage and applying for government-issued identification. - Scotiabank StartRight(TM) program details are available through Scotiabank branches, online at www.StartRight.scotiabank.com or by calling 1-866-800-5159 (North America only). Euro Savings Account - In February, Scotiabank became the first Canadian based-bank to offer the Euro Savings Account - recognizing the value of offering this account for customers with contacts in Europe. Scotiabank Caribana - In March, Scotiabank announced a multi-year partnership to launch Scotiabank Caribana, a key cultural event that celebrates Caribbean culture in the city of Toronto. With Scotiabank as the leading bank in the Caribbean and Toronto's large and vibrant Caribbean community, it is a natural fit for Scotiabank to be the title sponsor for Scotiabank Caribana. www.caribanafestival.com. Scotiabank and Western Union Partnership - In April, Scotiabank and Western Union announced the national rollout of a partnership that enables Scotiabank customers to use branch or online banking services to send money transfers to more than 200 countries using the global reach of Western Union. The partnership enables Scotiabank customers in diverse communities across the country to send money to friends and family in a safe, fast and convenient manner, simply by using their Scotia Card. Cricket Canada - Also in April, Scotiabank announced a three year sponsorship agreement that makes Scotiabank the Premier National Sponsor and Official Bank of Cricket in Canada. The Scotiabank Canada Cup was presented at the Scotiabank National Cricket Championships held earlier this year in King City. The Scotiabank National Under-19 Championship will be held later this year. In the coming months, Cricket Canada and Scotiabank will be working to develop a children- and youth-based program that will benefit a new generation of players. www.canadiancricket.org./NOTE TO PHOTO EDITORS: A photo accompanying this release is available on the CNW Photo Network and archived at http://photos.newswire.ca. Additional archived images are also available on the CNW Photo Archive website at http://photos.newswire.ca. Images are free to accredited members of the media/
For further information: Patty Stathokostas, Scotiabank Public Affairs, (416) 866-3625, or patty_stathokostas@scotiacapital.com