HDFC bank to ink pact with Canada-based Scotiabank

Mumbai, July 14 (UNI) In a move to expedite its remittance business, India's second largest private sector bank, HDFC Bank is likely to sign a formal agreement with Canada-based Scotiabank, a leading foreign exchange bank in North America, within a couple of days.

The two have already received regulatory approval and will soon sign the agreement for facilitating financial services to the Indian immigrants in Canada, a bank spokesperson confirmed while speaking to UNI.

With this strategic partnership, HDFC Bank will also enable Scotiabank to provide expediency to its Canadian customers for their banking needs in India by giving them access through its branch network, he said.

The partnership will leverage the regional dominance of both the banks and enable referrals for customers both in Canada and India, he added.

According to sources, the India's inward remittance business size is of about USD 27 billion (Rs 116,100 crore) of which over 50 per cent is being handled by the State Bank of India and its subsidiaries. The remaining has the major share of ICICI bank, about 25 per cent, followed by the other private banks.

HDFC Bank shares about 15 per cent of inward remittance business in India from abroad, with bulk business from US and Gulf Countries, bank sources said.

UNI PP MAZ AG1707