Rob Pitfiled, Bank of Nova Scotia executive vp of international banking, Rob today dotted the eye to awake the lion in a traditional Chinese ceremony to invite good luck for his trip to China to open a new bank branch in Shanghai.

“Now that we have dotted the eye of the lion, I know we can expect good luck and prosperity for our new branch,” said Pitfield, addressing journalists during a media briefing at the Bank’s head office. “This opening is a very important step for our future in China. We’re optimistic about our potential for growth and we’re also very committed to the region.”

Scotiabank has obtained China Banking Regulatory Commission (CBRC) approval to open a bank branch in China’s financial centre. Scotiabank is now the only Canadian bank allowed to operate a branch in Shanghai, complementing the largest presence of any Canadian bank in mainland China.

The Shanghai branch will provide local and multinational companies with full lending and deposit-taking services in foreign currencies, with a strong focus on trade finance services to import and export customers in the region. The new branch will also serve as a hub for the foreign exchange and treasury services Scotiabank offers clients across China.

“This opening is very much a symbol about the strength of our relationships,” said Pitfield. “I’m proud of the many solid relationships that Scotiabank has built in China because they have allowed us to make great advances and we will continue to see this progress well into the future.”

Scotiabank will celebrate its 25 anniversary in China in May 2007 a presence that began with the opening of the Beijing Representative Office in 1982. The bank operates in 11 countries in the Asia-Pacific and Middle East region, with about 650 employees and 25 branches and offices.