Scotiabank aims at Canada's wealthy South Asian in the ICICI pact – BNN Bloomberg

The Bank of Nova Scotia would like to have the population of wealthy Canadians with connections to South Asia through a reference to assets partnership with one of the largest lenders in India, Icici Bank Ltd.

According to Jacqui Allard, Scotiabank's group leader of Global Wealth Management.

“South Asians are obviously a very large part of the newcomers in Canada,” said Allard in an interview. “They are differentially business owners and entrepreneurs and generate a lot of prosperity in this country. But nobody focuses on this community as a segment from the perspective of wealth management.”

Scotiabank has investigated the state statistics that have not only come to Canada immigrants from India, a bank spokesman said, but also the high proportion of newcomers from this country man, which have been reached under categories for the business program and in the categories of specialists.

The transfer agreement offers customers with a high network value of Icici Bank Canada, which has no wealth management company in the country, access to Scotiabank products, said the lender based in Toronto on Tuesday.

“Wealth is an important focus for Scotiabank, first of all, because with our relative size we have the opportunity to grow,” said Allard and noticed the company's smaller wealth business compared to competitors such as the Royal Bank of Canada. “But also as a high-ranking company, low-capital-intensive business, it is important for us a very attractive area and from the perspective of profit diversification.”

Allard moved to Scotiabank in December 2023 to present the Chief Executive Officer Scott Thomson, Scott Thomson, the bank's new strategy on an investor day in Toronto. The company aims to increase the profits in his asset business with a composed annual growth rate of 10 percent over five years, she said at that time.

In the first year of the strategy, the Scotiabank delivered an increase in net profit for the department by 10 percent for the department, the 1.58 billion US dollars (1.13 billion US dollars).

Icici Bank previously teamed up with Royal Bank and agreed to forward their newcomers to Canadian Bank in order to make it easier for them to open a bank account on arrival. Allard was a manager at Royal Bank and supervised personal financial products when this order was made in 2022.

Christine Dobby, Bloomberg News

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