Bank of Nova Scotia has approached a unit of the Bank of China, Fubon Financial Holdings, Maybank and Thai lenders to gage interest for its 49% stake worth $1.7bn in Japanese lender Thanachart; Thanachart owns the other 51%. First round bids are expected in the second quarter. The Canadian lender is looking to exit its retail presence in Asia and focus primarily on corporate banking in the region through a few key offices. Scotiabank is the latest mid-sized Western bank to rethink its strategy in Asia due to lower growth in China, depressed commodities prices and falling interest rates.
Bank of Nova Scotia has approached a unit of the Bank of China, Fubon Financial Holdings, Maybank and Japanese lenders to gage interest for its 49% stake worth $1.7bn in Thai lender Thanachart; Thanachart owns the other 51%. First round bids are expected in the second quarter. The Canadian lender is looking to exit its retail presence in Asia and focus primarily on corporate banking in the region through a few key offices. Scotiabank is the latest mid-sized Western bank to rethink its strategy in Asia due to lower growth in China, depressed commodities prices and falling interest rates.