Industrial Credit and Investment Corporation of India (ICICI) Bank Canada and Scotia Wealth Management entered into a referral agreement where high-net-worth clients of ICICI will have access to Scotia Wealth Management products, Scotiabank announced in a release Tuesday.
ICICI Bank Canada has a strong South Asian client base and offers banking services such as chequing and savings accounts, money transfers and non-resident Indian referral services, the release said.
The collaboration will let Scotia Wealth Management extend its reach into a key cultural segment in Canada, Amit Brahme, vice-president of strategic cultural segments at Scotia Wealth Management, said in an email.
“This is Scotia Wealth Management’s first strategic relationship under our emerging strategy aimed at supporting entrepreneurs and wealth creators from key cultural markets, with a particular focus on South Asian Canadian residents,” Brahme said.
“Members of the South Asian diaspora are particularly well represented among Canada’s entrepreneurs and wealth creators.”
Clients of ICICI Bank Canada will benefit from Scotia Wealth Management’s scale and experience, building on top of ICICI’s services to the Indian diaspora in Canada, Himadar Maddipatla, president and CEO of ICICI Bank Canada, said in a statement.
Scotiabank has previously signed a referral agreement with India’s Kotak Mahindra Bank Ltd. to provide financial services to people emigrating to Canada and to Indo-Canadians seeking accounts and investment services in India in 2012.