Scotiabank signs transfer contract with the ICICI Bank Canada for wealth management services

Toronto-Scotiabank has a transfer agreement with the Canadian arm of Indian Icici Bank Ltd. signed for customers.

As part of the agreement, the ICICI Bank Canada has the opportunity to access Sotia Wealth Management Services.

ICICI Bank Canada is a Direct Bank with Full Service Bank according to Canadian banking law and has been serving its customers in Canada for 20 years.

According to the ICICI Bank Canada Managing Director Himadar Maddipatla, the deal provides customers in addition to the already offered services, including banking transactions, transfers to India and non-resident Indian services, access to asset management services via Scotia Wealth Management.

According to Maddipatla, customers benefit from the knowledge, experience and scale of the Scotia Wealth Management team.

Alex Besharat, head of Canadian wealth management management at Scotiabank, says that the strategy emphasizes the bank's commitment to support the diversity of entrepreneurs and business owners across Canada.

This report by Canadian Press was first published on May 13, 2025.

Companies in this story: (TSX: BNS)

The Canadian press