HDFC Bank, one of India’s premier banks, today announced an alliance with Scotiabank for a strategic partnership to facilitate Indian immigrants in Canada. This arrangement will also enable Scotiabank to provide expediency to its Canadian customers for their banking needs in India by giving them access to one of the country’s leading financial institution.

This partnership will leverage the regional dominance of both the banks and enable referrals for customers both in Canada and India, subject to local banking regulations. A formal agreement is expected to be signed shortly.

“We are happy to work with Scotiabank in this initiative. Our institutions share common values of excellence in serving our clients and meeting their banking and financial needs. We look forward to creating value for our shared customers as we move forward,” said Abhay Aima, Group Head, Equities, Private Banking, Third Party Products, NRI & International Consumer Business, HDFC Bank.

“As we celebrate Canada’s diverse multicultural communities, we are very proud to announce a new partnership with HDFC Bank in India. This will enable Scotiabank to reach out to people in India who are immigrating to Canada and, at the same time, provide our customers in Canada with a referral to one of the leading financial institutions in India,” said Sabi Marwah, Vice-Chair and Chief Administrative Officer, Scotiabank.

According to Statistics Canada, between 2001 and 2006, 155,000 people immigrated to Canada from India.

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