Scotiabank's Global Transaction Banking Unit Announces Expanded Services for U.S. Clients
25 Aprile 2006 - 2:00PM
PR Newswire (US)
TORONTO and PORTLAND, OR, April 25 /PRNewswire-FirstCall/ --
Scotiabank's Global Transaction Banking unit today announced the
launch of the Wholesale Investment Account and Commercial Card
program as part of its services in the United States. These
services will be delivered to clients of Scotia Capital, the
Scotiabank Group's global corporate and investment banking
division. The Wholesale Investment Account, a money market deposit
account (MMDA), is a high-yield savings account that incurs no fund
management fees or administrative expenses. The Wholesale
Investment Account is targeted to business clients with US
$20-million or more in deposits, who invest their funds for periods
of at least 30-days. The account will offer a competitive return on
surplus cash and will maximize short term investment yields while
balancing security, liquidity and convenience. "The Wholesale
Investment Account is an innovative addition to Scotiabank's suite
of financial solutions available to clients in the U.S.," said
Steve McDonald, Co-Chairman and Co-CEO, Scotia Capital, and Head,
Global Corporate and Investment Banking. "This is the first in a
series of business banking products that will be introduced over
the coming year to meet the needs of our American and international
business clients." In addition to new investment options, Visa
U.S.A. Inc. has recently given Scotiabank approval to offer its
successful Commercial Card expense management program to both
U.S.-based multinational clients and domestic-only U.S. corporate
accounts. "Clients who operate in multiple countries require
flexible and convenient banking services that provide global
solutions," said McDonald. "Both of these new services will
significantly enhance the Bank's business banking offerings in the
U.S. and represent a significant opportunity to generate new
revenue by fully leveraging the international capabilities of the
Scotiabank Group." Global Transaction Banking brings together
Scotiabank's capabilities in cash management, payments, trade
finance, and investments. This offering, in combination with Scotia
Capital's foreign exchange services, provides comprehensive,
integrated business banking solutions to multinational clients who
operate in local and global markets. Scotia Capital, the Scotiabank
Group's global corporate and investment banking division, has been
operating in the U.S. for over a century. With offices in New York,
Chicago, Atlanta, Houston, San Francisco, and Portland, it provides
corporate and investment banking and global capital markets
solutions to U.S. corporate and institutional clients in a host of
industry groups, and is among the top global firms in the U.S.
syndicated lending market. Scotia Capital Relationship Managers
have long worked with Scotiabank's Global Transaction Banking unit
to bring advanced business solutions to their client base. For more
information visit http://www.scotiacapital.com/. Scotiabank is one
of North America's premier financial institutions and Canada's most
international bank. With more than 50,000 employees, Scotiabank
Group and its affiliates serve about 10 million customers in some
50 countries around the world. Scotiabank offers a diverse range of
products and services including personal, commercial, corporate and
investment banking. With $325 billion in assets (as at January 31,
2006), Scotiabank trades on the Toronto (BNS) and New York (BNS)
Stock Exchanges. For more information please visit
http://www.scotiabank.com/. DATASOURCE: Scotiabank CONTACT: Matthew
Coorsh, Scotiabank Public Affairs, (416) 933-1344,
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