Bank of Nova Scotia is opening four full-service commercial branches in Malaysia, which complement the bank’s existing Malaysian operations including a branch in Kuala Lumpur and an International Offshore Financial Centre in Labuan.

“At Scotiabank, we are always looking for opportunities to invest and grow our operations in countries where we already operate and where we believe there are strong growth opportunities,” said Michele Kwok, senior vice-president, Asia Pacific, Scotiabank. “Opening these new branches is a testament to our strong commitment to the long-term potential of Malaysia.”

Licensed by Bank Negara Malaysia — Malaysia’s central bank — the new branches are located in Semenyih and Damansara Perdana, in Selangor, Taman Molek, in Johor and Bayan Lepas, in Penang.

“Scotiabank has been doing business in this tremendous country since 1973 and we are pleased to enhance our banking footprint in Malaysia, even as the bank continues its physical expansion throughout the region,” added Kwok. “We have developed a solid team of dedicated employees here who know the local market and deliver great products and services.”

Scotiabank’s Malaysian branches, now offer a broad range of products and services for corporate and commercial clients, as well as trade finance and treasury customers. The branches also provide personal banking services such as savings accounts, term deposits, mortgages, overdrafts, remittances and foreign exchange. The IOFC in Labuan offers foreign currency loans, as well as trade finance products and services.

“Scotiabank is committed to meeting the needs of its Malaysian clients,” said Rasool Khan, country head, Scotiabank in Malaysia. “We are excited about the potential of our expanded operations and look forward to adding value to our existing and prospective customers and growing with them.”

Scotiabank has announced 12 international acquisitions in the last four years. As such, the international banking business’s contribution to annual total net income has increased to $1.1 billion, or 30%, in 2006, compared to $483 million, or 23% in 2001.

Last week, Scotiabank announced an agreement to acquire 24.99% of Thanachart Bank, Thailand’s eighth-largest bank and leading automobile lender. The bank also acknowledged its intention last week to explore a strategic partnership and minority investment in China’s seventh-largest city commercial bank, Bank of Dalian, formerly Dalian City Commercial Bank.

Scotiabank operates in 11 countries in the Asia-Pacific and Middle East region, with about 700 employees and 30 branches and offices.