UPDATE 1-Scotiabank establishes UK fixed income presence

* Rates desk in London continues international push

* Bank emerged from financial crisis in good shape

* Rival RBC also pushing UK presence

TORONTO, Nov 5 (BestGrowthStock) – Bank of Nova Scotia (BNS.TO: ),
Canada’s third-largest lender, is continuing its international
push with the establishment of a fixed income rates desk in
London, it said on Friday.

The bank, which recently signaled it wants to expand its
Scotia Capital wholesale banking arm into new regions, said the
platform will add to its distribution capability, as well as
other brokerage initiatives.

The move follows Scotiabank’s designation as a primary
dealer in Germany and France earlier this year and in the
United Kingdom starting next week. The bank also has
applications for primary dealer status underway in other
jurisdictions, it said.

“Scotiabank and its fixed income business have fared well
through extreme market turbulence in recent years, and we are
now well positioned to expand Scotia Capital’s fixed income
franchise by developing a long-term, top-tier presence in the
European fixed income markets,” Mike Durland, group head of
global capital markets, said in a statement.

Scotiabank, like Canada’s other lenders, emerged from the
financial crisis in a stronger position than many international
banks due to their conservative lending practices.

Now, with the industry rebounding, Scotiabank and some of
its domestic rivals are pushing to build share in foreign
markets.

The country’s biggest bank, Royal Bank of Canada (RY.TO: )
recently agreed to pay $1.5 billion for British fund manager
BlueBay Asset Management (BBAY.L: ), and it too recently received
primary dealer status in Germany and France.

Scotiabank also said on Friday it is working to roll out
U.S. dollar fixed income products.

Scotiabank’s shares were flat at C$54.50 on the Toronto
Stock Exchange.

($1=$1.00 Canadian)
(Reporting by Cameron French; editing by Rob Wilson)

UPDATE 1-Scotiabank establishes UK fixed income presence