TORONTO — Scotiabank has signed a referral arrangement with the Canadian arm of India's ICICI Bank Ltd. for high-net-worth clients.
Under the agreement, ICICI Bank Canada will have the opportunity to access Scotia Wealth Management services.
ICICI Bank Canada is a full-service direct bank under Canada's Bank Act and has been serving its customers in Canada for 20 years.
ICICI Bank Canada chief executive Himadar Maddipatla says the deal gives clients access to wealth management services through Scotia Wealth Management, in addition to the services it already offers itself, including banking, remittances to India and non-resident Indian services.
Maddipatla says clients will benefit from the knowledge, experience and scale of the Scotia Wealth Management team.
Alex Besharat, head of Canadian wealth management at Scotiabank, says the strategy emphasizes the bank's dedication to supporting the diversity of entrepreneurs and business owners across Canada.
This report by The Canadian Press was first published May 13, 2025.
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