ScotiaMocatta, the precious metals arm of Scotia Capital, has announced that it has been granted membership as a Foreign Financial Member of the Shanghai Gold Exchange (SGE), China’s leading precious metals exchange. ScotiaMocatta will soon begin conducting business through its branch in Guangzhou, in southern China.

“This membership will allow us to trade gold, silver and platinum on behalf of customers having precious metals requirements in China as well as on our own account. We will also add liquidity to the exchange,” says Barry Wainstein, vice chairman, global head of foreign exchange and precious metals, ScotiaMocatta, Scotia Capital. “This is the first time that a branch of a foreign bank has been granted membership in the exchange, a recognition of our position as a global leader in the bullion business.

“China is the largest gold producer in the world and has a large consumer market that is poised to grow in the future,” adds Wainstein.

Scotiabank has been operating in China for over 25 years beginning with the opening of the Beijing representative office in 1982. It subsequently opened branches in Guangzhou, serving the southern region, Chongqing, serving the northern and western regions and Shanghai, covering the Eastern region.