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Bank of Nova Scotia
Symbol C : BNS
Shares Issued 1,227,048,874
Close 2019-01-02 C$ 68.27
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FP says CIBC, rivals see CaixaBank open on Bay St.

2019-01-02 08:16 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce

The Financial Post reports in its Wednesday, Jan. 2, edition that one of Spain's biggest banks, CaixaBank, has opened an outpost on Bay St. The Globe's Geoff Zochodne writes that CaixaBank will offer support and advisory services related to trade and corporate banking. CaixaBank is the sole Spanish bank with a physical presence in Canada. The office will cater to Spanish companies doing business in Canada and Canadian companies doing business in Spain, as the lender said it aims to "consolidate its position as a benchmark bank in Canada for companies operating in the two countries." CaixaBank touts itself as Spain's leading retail bank, with about 15.7 million customers and $603-billion in assets, according to its most recent financial results. Its biggest shareholder is a holding company entirely owned by the "la Caixa" Banking Foundation, which holds a 40-per-cent interest in CaixaBank. The opening of CaixaBank's Toronto office is the Spanish lender's second foray into North America, and follows the opening of a New York office in 2015. CaixaBank also has representative offices in Colombia, Peru, Brazil and Chile. Canada, the bank said, offers "significant benefits" for Spanish companies.

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