UPDATE 3-Scotiabank plans Taiwan exit as Asia revamp continues

Mon Aug 8, 2016 3:09pm EDT
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* Regulator has received notice from bank of intent to leave

* Bank says Asia Pacific remains important part of business

* Scotiabank shares up 0.7 percent (Adds Scotiabank comment)

By Liang-Sa Loh and Matt Scuffham

TAIPEI/TORONTO, Aug 8 (Reuters) - Bank of Nova Scotia , Canada's third-largest bank, has applied to Taiwan's financial regulator to exit the local market, the regulator and bank said on Monday, part of a revamp of its Asia strategy.

Bank of Nova Scotia, which operates under the Scotiabank banner, has been re-jigging its operations and shifting focus along with other rivals in the Canadian banking sector, as they deal with a slowdown in their home economy and the fallout from weaker oil prices. Analysts have said 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, which it said remained an important part of its corporate, investment banking and capital markets business.

"We continually review our operations to drive efficiency and competitiveness, as well as to ensure we are meeting the needs of our customers," Scotiabank said in an e-mailed statement.

An FSC spokesman confirmed that it had received notice from the bank of its intent to leave the market.   Continued...