Scotiabank has announced a joint venture with Bank of Beijing to establish a fund management company. In line with this, Scotiabank will take a 33% stake, valued at approximately $15 million, in the joint venture firm which is to be named Bank of Beijing Scotiabank Asset Management Company.
The joint venture, which is subject to regulatory approval in China, will design and market a variety of mutual funds to retail and institutional customers through the Bank of Beijing’s national branch network.
Rob Pitfield, executive vice president of international banking of Scotiabank, said: By combining he Bank of Beijing’s broad presence and strong growth with Scotiabank’s more than 175 years of international financial experience, this joint venture is ideally positioned to meet the expanding needs of China’s growing asset management market.
Michele Kwok, senior vice president of Scotiabank for Asia-Pacific and the Middle East, said: Scotiabank has long recognized the opportunities that are present in China. Through this joint venture with the Bank of Beijing, Scotiabank will be reaching out to more than 8.2 million Bank of Beijing customers with co-branded mutual fund products, growing our brand recognition and sharing the Scotiabank experience.