August 8, 2016 / 8:03 AM / 2 years ago

Bank of Nova Scotia planning to exit Taiwan market -Taiwan govt sources

TAIPEI, Aug 8 (Reuters) - Bank of Nova Scotia, Canada’s third-largest bank, has applied to Taiwan’s financial regulator to exit the local market as part of a strategy shift in the Asia Pacific region, four sources with direct knowledge of the matter said on Monday.

“They are planning to leave Taiwan in the fourth quarter. We have not approved (its departure) yet as there are still some administrative procedures to go through,” said an official of the Financial Supervisory Commission (FSC). “On principle, we will respect their wishes.”

The FSC official and three others asked not to be identified because the matter has yet been made public.

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

The Bank of Nova Scotia branch in Taipei was not able to comment.

Reporting by Loh Liang-sa; Writing by Faith Hung; Editing by Eric Meijer

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