The Globe and Mail reports in its Tuesday edition that Bank of Nova Scotia has applied to Taiwan's financial regulator to exit the local market, part of a revamp of its Asia strategy. A Reuters dispatch to The Globe says that the bank has been rejigging its operations and shifting focus along with other rivals among Canadian banks, as they deal with a slowdown in their home economy and the fallout from weaker oil prices. Central and South America may become Scotiabank's main focus outside Canada. Scotiabank said its Taiwan office is being closed as part of a recent review of its activities in the Asia-Pacific region. The bank said in December that it may consider selling its 49-per-cent share of Thai auto loan provider Thanachart Bank PCL in a bid to boost its capital ratios. A source familiar with the matter told Reuters at the time that Scotiabank was weighing the sale as it found managing an Asian retail presence cumbersome. Scotiabank has the broadest international presence of all Canadian banks, but its operations in Asia account for only a fraction of its overall revenues. Its revenues from Asia account for just 4.5 per cent of its international banking revenue, and 1.6 per cent of overall revenue.