TORONTO, July 12, 2013 /CNW/ - Scotiabank today announced that it has withdrawn its application to acquire a 19.99% stake in the Bank of Guangzhou (BGZ).  Since announcing the proposed investment in September of 2011 Scotiabank and the City of Guangzhou have re-evaluated the proposed partnership in light of changing conditions.

"Scotiabank will continue to consider future opportunities for investment in China that are in line with our strategy and footprint in the region," said Dieter Jentsch, Scotiabank's Group Head of International Banking. "The Bank also remains focused on our existing operations in the country including the recently announced Bank of Beijing Scotia Asset Management Joint Venture and 19% stake in Bank of Xi'an."

The Bank has had a presence in China since 1982 and over the past 31 years has grown to include branches in Guangzhou, Chongqing and Shanghai. The Bank also has branches in Hong Kong and Taipei.

"Scotiabank would like to acknowledge the work done by both the City of Guangzhou and Bank of Guangzhou in considering the partnership and we continue to see great potential in the financial sector of Guangzhou," added Mr. Jentsch. "We also recognize the work of the Canadian government in promoting the country's financial sector and the Canada Brand in Asia and around the world."

About Scotiabank
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 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. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $754 billion (as at April 30, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

SOURCE: Scotiabank