Helping newcomers start the financial transition to Canada while still in China

TORONTO, Sept. 7, 2012 /CNW/ - Scotiabank, Canada's most international bank, has reached an agreement with the Bank of Xi'an, a leading financial institution in China, to help ease the financial transition of immigrants, international students and foreign workers to Canada before they leave China.

"We are in more than 55 countries around the world and have been proud to work in China for over 20 years," said Winnie Leong, Vice-President of Multicultural Banking, Scotiabank. "Based on our international experience we have a strong understanding of what a complicated and important decision it is to move to a new country. When newcomers arrive in Canada, one of their top priorities is finding a financial institution. Through our new partnership with Bank of Xi'an, we are able to give immigrants, foreign workers and students peace of mind by helping them establish a Canadian banking relationship before they emigrate to Canada."

Scotiabank currently owns a minority stake in the Bank of Xi'an. Under this co-operation agreement with the Bank of Xi'an, Chinese immigrants, international students and foreign workers planning to move to Canada are able to open an account with Scotiabank through 10 participating Bank of Xi'an locations in Xi'an, China. Once in Canada, customers can visit their local Scotiabank branch to activate their accounts, apply for a credit card and take advantage of additional benefits included in the Scotiabank StartRight Program, Scotiabank's banking package designed for newcomers to Canada.

"This new partnership is a natural extension to our eight year relationship with Scotiabank," said Zhishun Liu, Vice-President, Bank of Xi'an. "We look forward to offering our guidance and assistance to a wide range of customers here in China that are looking to begin the financial part of their lives in Canada."

Scotiabank's business in China also includes a partnership with China Everbright Bank (CEB), which began in 2009. Through this partnership, immigrants and international students moving to Canada can open an account with Scotiabank through any participating CEB branches in 33 cities across China.

The Scotiabank StartRight international account opening program is also available in select Scotiabank branches in Mexico and India, and through India's Kotak Mahindra Bank.

To learn more about the Scotiabank StartRight Program, please visit www.scotiabank.com/startright or call 1-866-800-5159 (from North America) or 008 800 8800 5159 (from Mainland China).

About the Scotiabank StartRight Program for Newcomers
Launched in 2008, the Scotiabank StartRight Program for Newcomers was created for Canadian Landed Immigrants from 0-3 years in Canada, International Students and Foreign Workers.  The Scotiabank StartRight Program provides the right advice and financial solutions to help newcomers plan their future in Canada.  For more details on the Scotiabank StartRight Program, please visit www.scotiabank.com/startright.

About Scotiabank
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 81,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets of $670 billion (as at July 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

About Bank of Xi'an
Bank of Xi'an Co., Ltd., a joint-equity commercial bank, was founded in May 1997, whose shareholders include Xi'an Municipal Finance Bureau, the Bank of Nova Scotia, China Cinda Asset Management Co., Ltd., domestic large and medium-sized enterprises, and individual investors. As a leading regional commercial bank, the Bank has one branch and 113 sub-branches and owns two rural banks, providing full financial services in Chinese western area. It has 2300 employees, CNY102.3bn total assets, CNY76.3bn deposits, and CNY44.6bn loans at the end of 2011. The featured services and products of the Bank include "Golden Silk Road", "Profit Power", " Global Golden Line of Credit", and "E-credit line." In 2012, the Bank was ranked No. 632 by the Banker magazine on its "Top 1000 World Banks."

SOURCE: Scotiabank