Scotia exec tells Wealth Professional the deal accelerates strategy for cultural market expansion
Scotia Wealth Management, part of the Scotiabank group of companies, and ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited, have formed a referral partnership.
The arrangement will provide high-net-worth clients of ICICI Bank Canada access to Scotia Wealth Management’s solutions.
In a statement shared with Wealth Professional, Amit Brahme, vice president, Strategic Cultural Segments at Scotia Wealth Management, said the partnership offers momentum toward their strategy of “supporting entrepreneurs and wealth creators from key cultural markets, with a particular focus on South Asian Canadian residents.”
He said the collaboration allows Scotia to “extend our reach into a key cultural segment in Canada,” adding that ICICI Bank’s presence and understanding of the South Asian market “will enable us to support this dynamic and growing client base.”
Brahme also said to Wealth Professional that Scotia Wealth Management plays a key role in Scotiabank’s primary client focus.
“Our success is defined by delivering our Total Wealth approach. We look forward to continuing to build our partnership ecosystem as we accelerate growth in our wealth management business.”
Jacqui Allard, group head of Global Wealth Management at Scotiabank, said the bank is entering a strategic relationship with ICICI Bank Canada, which has an established client base within the South Asian community.
She added that Scotiabank aims to offer Total Wealth planning solutions to ICICI Bank Canada’s clients.
According to Allard, their “unique team-based approach provides comprehensive advice,” which will help both institutions “better serve the diverse wealth needs of clients in Canada.
Himadar Maddipatla, president and CEO of ICICI Bank Canada, said the bank is entering a strategic relationship with Scotia Wealth Management.
He noted that clients will continue to access existing services through ICICI Bank Canada—such as Non-Resident Indian services, remittances to India, and core banking—while gaining access to new wealth solutions from Scotia.
Maddipatla said clients will benefit from the “knowledge, experience, and scale of the Scotia Wealth Management team” and their “‘Total Wealth’ approach.”
ICICI Bank Canada currently provides banking services including account services, money transfers, and NRI referral services.
