By Gurmukh Singh
Toronto, March 2 (IANS) With Kolkata-born Sabi Marwah as its vice chairman and chief operating officer, Canada's Scotiabank Monday acquired Royal Bank of Scotland's banking operations in Colombia to further expand its international presence.
The bank already has a huge presence in 27 countries in Latin America and the Caribbean where it employs 31,867 people and operates 1,411 branches and other offices. One of North America's top banks and Canada's most international bank, Scotiabank currently operates in more than 50 countries.
The acquisition of Bank of Scotland's operations in Colombia will boost its presence further in the Latin American region where it has operated since 1889.
"Scotiabank has deep roots and a long history in the Caribbean, Central America and Latin America and we are proud to again grow our operations in this region,'' said Rob Pitfield, head for international banking, in a bank statement here.
"Latin America is an increasingly important part of Scotiabank's international strategy and we have built a strong and unique franchise by delivering superior service,'' he said.
"This announcement marks Scotiabank's introduction to the Colombian market enhancing an already unique Latin American footprint that includes Mexico, Belize, El Salvador, Panama, Costa Rica, Dominican Republic, Peru, Venezuela, Brazil and Chile. Scotiabank is also the largest bank in the Caribbean and Central American region,'' said Pitfield.
With more than $496 billion in assets, Scotiabank has over 68,000 employees around the world.
The bank already has five branches in India where it is seeking permission to augment its operations.