Scotiabank open to talks on RHB stake

  • Business
  • Thursday, 05 Apr 2007

PETALING JAYA: Bank of Nova Scotia (Scotiabank), Canada's third largest bank, is open to talks on a stake in RHB Bank Bhd if such a move suits its strategy. 

A Reuters report quoted the bank's Asia Pacific senior vice-president Michele Kwok as saying Scotiabank had always been interested in opportunities to expand its presence, especially in Malaysia. 

“If it (buying a stake) aligns with our bank’s strategy, we are open to discussion. We are always very actively looking for such a partnership,” she said. 

Meanwhile, Scotiabank opened four new full-service commercial branches in the country yesterday. 

It said the new branches were expected to complement its present operations in Malaysia, including a branch each in Kuala Lumpur and the Labuan International Offshore Financial Centre. 

“We are always looking for opportunities to invest and grow our operations in countries where we already operate and where we believe there are strong growth opportunities,” Kwok said at the opening of the Damansara Perdana branch. 

“Opening these new branches is a testament to our strong commitment to the long-term potential of Malaysia,” she said. 

The other new branches are in Semenyih, Selangor, Taman Molek, Johor Baru, and Bayan Lepas, Penang. 

Scotiabank Malaysia country head Rasool Khan said: “We are excited about the potential of our expanded operations and look forward to adding value to our existing and prospective customers and growing with them.” 

 RHB :  [Stock Watch]  [NewsRHB-A :  [Stock Watch]

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