logo
Scotia Wealth Management enters into an arrangement with ICICI Bank Canada to offer wealth management services to ICICI's high-net-worth clients Français

Scotia Wealth Management enters into an arrangement with ICICI Bank Canada to offer wealth management services to ICICI's high-net-worth clients Français

Cision Canada13-05-2025

TORONTO , May 13, 2025 /CNW/ - Scotia Wealth Management, part of the Scotiabank group of companies, and ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited (NYSE: IBN), a leading private sector bank in India, have entered into a referral arrangement. Through this arrangement, high-net-worth clients of ICICI Bank Canada will benefit from the opportunity to access Scotia Wealth Management solutions. ICICI Bank Canada currently offers banking services including account services, money transfers, and NRI referral services.
"We are excited about this strategic relationship with ICICI Bank Canada, a trusted name with a strong client base within the South Asian community. We look forward to offering our Total Wealth planning solutions to their clients and extending our market reach into a key cultural segment in Canada," said Jacqui Allard, Group Head, Global Wealth Management, Scotiabank. "Scotia Wealth Management's unique team-based approach provides comprehensive advice, allowing us to better serve the diverse wealth needs of clients in Canada together."
"We are delighted to embark on a strategic relationship with Scotia Wealth Management," said Himadar Maddipatla, President and CEO, ICICI Bank Canada. "Our clients value excellence and we are confident that with the knowledge, experience, and scale of the Scotia Wealth Management team and their 'Total Wealth' approach, our clients will benefit. Through this collaboration, clients of ICICI Bank Canada will have access to wealth management services through Scotia Wealth Management, in addition to receiving a comprehensive suite of solutions through ICICI Bank Canada, including Non-Resident Indian services, remittances to India and banking"
"This strategy emphasizes our dedication to supporting the diversity of entrepreneurs, business owners, and wealth creators across Canada," said Alex Besharat, Executive Vice President and Head, Canadian Wealth Management, Scotiabank. "Together, we are committed to fostering growth and excellence for both organizations and the clients we serve."
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at January 31, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.
To learn more about Scotia Wealth Management, please visit:
About ICICI Bank Canada: ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank Limited (NYSE: IBN), a leading private sector bank in India. ICICI Bank Limited's total assets stood at CAD 355.01 billion dollars on March 31, 2025.
ICICI Bank Canada conducts business as a full-service direct bank under Canada's Bank Act. The bank has been serving its customers in Canada for 20 years, providing a host of products and services in the financial space. It offers products for both personal and business banking ranging from newcomer banking accounts, personal accounts, mortgages, remittance, business banking accounts, business Fx, small business loans, corporate banking among others. Visit icicibank.ca to learn more.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Prediction: This High-Yield Dividend Stock Will Crush the S&P 500's Returns Over the Next Decade
Prediction: This High-Yield Dividend Stock Will Crush the S&P 500's Returns Over the Next Decade

Globe and Mail

time6 hours ago

  • Globe and Mail

Prediction: This High-Yield Dividend Stock Will Crush the S&P 500's Returns Over the Next Decade

A high dividend yield often signals that a company's growth days are in the rearview mirror. In many cases, the high-yielding income stream makes up most, if not all, of the return the company delivers for investors. Given the lackluster returns of many high-yielding dividend stocks, investors seeking market-crushing returns will probably overlook Brookfield Renewable (NYSE: BEPC)(NYSE: BEP) because of its more than 5% yield. However, that could prove to be a big mistake. I predict this leading renewable energy dividend stock will crush the S&P 500 's returns over the next decade. Here's why. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » A strong base return A high-yielding dividend is sometimes a warning sign for investors. The company might have a weak financial profile or lackluster growth prospects. Neither of those is an issue for Brookfield Renewable. The opposite is true for this company. For starters, the company backs its lucrative dividend with a top-notch financial Renewable sells about 90% of the renewable energy it produces under long-term, fixed-rate power purchase agreements (PPAs). Those PPAs have an average remaining term of 14 years while indexing about 70% of the company's revenue to inflation. That means Brookfield can bank on generating very predictable and steadily growing cash flow. The company estimates that the inflation escalation clauses embedded within its existing PPAs will power 2% to 3% annual growth in its funds from operations (FFO) per share. Meanwhile, power rates have been growing faster than inflation in recent years. That trend seems likely to continue, given the expected surge in power demand driven by catalysts like AI data centers. Brookfield anticipates that margin enhancement activities such as securing higher market power rates as legacy PPAs expire will add another 2% to 4% to its FFO per share each year. On top of generating very stable and steadily rising cash flow, Brookfield has a strong investment-grade balance sheet. It funds its business with long-term, fixed-rate debt and keeps ample liquidity on hand, to the tune of $4.5 billion at the end of the first quarter. Brookfield also routinely recycles capital, selling mature assets to fund higher-returning new investments, which enables it to maintain its financial flexibility. The company's combination of stable cash flow and balance sheet strength puts its more than 5%-yielding dividend on a sustainable foundation. It should provide investors with very bankable dividend income. A powerful growth profile Brookfield Renewable can grow its FFO per share at a 4% to 7% annual rate without investing any additional capital. That would be a solid growth rate for a high-yielding dividend stock. However, the company has the financial flexibility to invest heavily in growing its platform. It's currently targeting to deploy $8 billion to $9 billion or more into new growth opportunities over the next five years. Some of that capital will go into its massive backlog of renewable energy development projects. Brookfield currently has 74 gigawatts (GW) in its advanced-stage pipeline. That's nearly double its current operational capacity (43.3 GW). The company is ramping up its development capabilities to reach an annual commissioning run rate of 10 GW per year, which it expects to achieve by 2027. That's up from 8 GW this year. Development projects will add another 4% to 6% to its FFO per share each year. On top of that, the company plans to continue making accretive acquisitions, largely funded through capital recycling, to further accelerate its FFO growth rate. Brookfield recently closed its acquisition of European renewable power developer Neoen. Meanwhile, it agreed to buy National Grid 's U.S. onshore power platform, National Grid Renewables. Add it all up, and Brookfield believes it can grow its FFO per share at a more than 10% annual rate through 2034. The company's growth is highly visible and secured through 2029 and increasingly visible and secured over the subsequent five-year period. That easily supports its plan to increase its dividend by 5% to 9% annually. Brookfield has grown its payout at a 6% compound annual rate since 2001. It all adds up to the potential for producing market-crushing returns Brookfield Renewable pays a more than 5% yielding dividend, which provides investors with a strong base return. On top of that, the company expects to grow its earnings per share at a rate of more than 10% annually for the next several years. That should easily support its plan to increase its already high-yielding payout by 5% to 9% per year. Put it all together, and Brookfield could produce total annual returns in the mid-teens, which should crush the S&P 500's return over the next 10 years. That makes it a great stock to buy and hold right now. Should you invest $1,000 in Brookfield Renewable right now? Before you buy stock in Brookfield Renewable, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Brookfield Renewable wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor 's total average return is792% — a market-crushing outperformance compared to173%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025

Why ABM Industries Topped the Market Today
Why ABM Industries Topped the Market Today

Globe and Mail

time7 hours ago

  • Globe and Mail

Why ABM Industries Topped the Market Today

ABM Industries (NYSE: ABM) stock kicked off the trading week on a high note Monday, closing more than 3.5% higher in price following two recommendation upgrades from analysts tracking the stock. That performance was more than good enough to eclipse the bellwether S&P 500 index, which essentially flatlined that day. Investors overreacted to results, says analyst Those pundit updates came one business day after ABM released its second quarter of fiscal 2025 earnings report. The company notched a minor beat on the consensus analyst estimate for revenue but missed slightly on that for profitability. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » Investors didn't greet this development warmly, and their immediate reaction as a group was to trade out of ABM's shares. The situation flipped on Monday, however, as the pair of pundits published new takes on the stock before market open. The first upgrade came from Baird's Andrew Wittman. He upgraded his recommendation on ABM to outperform (i.e., buy) from the previous neutral at a price target of $56 per share. According to reports, Wittman feels the sell-off was unjustified and leaves the stock attractively priced, especially since the company has been effective at securing new work. Good business with business and industry His peer Joshua Chan at UBS also became notably more bullish on ABM with a recommendation change to buy from neutral (in his case, tagging the stock with a $50 per share price target). According to reports, Chan was particularly encouraged by renewed growth in the company's core business and industry segment. Personally, I'd fall between those bearish investors selling off ABM stock Friday and the analysts upping their recommendations. Yes, the company has reported some encouraging developments of late, but it's neither a strongly growing business nor a high-yielding dividend payer. I'd probably look elsewhere for stocks with better potential. Should you invest $1,000 in Abm Industries right now? Before you buy stock in Abm Industries, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Abm Industries wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor 's total average return is792% — a market-crushing outperformance compared to173%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025

Market Factors: Export-oriented stocks ready to bounce
Market Factors: Export-oriented stocks ready to bounce

Globe and Mail

time10 hours ago

  • Globe and Mail

Market Factors: Export-oriented stocks ready to bounce

This edition outlines why trade-oriented domestic stocks may rally and why Scotiabank strategists are even more skeptical about the outlook for Canadian bank stocks. The diversion discusses the best essay I've read this year. As usual we'll look ahead to the important data releases for the next week. Brian Belski, BMO's chief investment strategist, is expecting a lucrative rally in trade-oriented domestic stocks in the second half of 2025. In part, this reflects hope that trade agreements are on tap at the upcoming G7 meetings in Alberta. Mr. Belski cites corporate paralysis for helping set up the rally. Tariff fears have Canadian exporters issuing extremely cautious profit guidance, setting the stage for positive surprises for later in 2025. The underperformance of the trade-oriented industrials and consumer discretionary sectors reached extremes in February 2025. (The S&P/TSX Consumer Discretionary index is considered export-focused because of its large weighting in auto stocks. In addition, index constituent Aritzia Inc. receives 58 per cent of its revenue from the United States). At the time, the year-over-year return on consumer discretionary stocks trailed the S&P/TSX Composite's year-over-year result by over 15 percentage points. Industrials trailed by over 19 percentage points. Earnings revisions for exporting sectors have been bleak. Positive profit updates as a percentage of the total have 'collapsed' in Mr. Belski's words. This ratio for both industrials and consumer discretionary stocks has fallen to levels historically associated with significant recessions. Mr. Belski's Monday research report helpfully provides the results of a stock screen attempting to identify the biggest beneficiaries of the tariff victim recovery theme. The screen emphasized high quality, profitable companies that most underperform on days with significant (and negative) trade news from Washington. The resulting stocks were presented in alphabetical order. Those with outperform ratings from BMO analysts are Air Canada, Aritzia inc., Boralex Inc., CIBC, Canadian National Railway Co., Canadian Pacific Kansas City Ltd., Cenovus Energy Inc., Linamar Corp., Mattr Corp., MDA Space Ltd., Magna International Inc., Premium Brands Holdings Corp., Precision Drilling Corp. and Stantec Inc. The non-outperform names are ATS Corp., Cargojet Inc., Canadian Tire Corp., goeasy Ltd., Lundin Mining Corp., Richelieu Hardware Ltd., Saputo Inc. and Terravest Industries Inc. The wildcard here is the Trump administration and its willingness and preparedness to provide clarity on Canada/U.S. trade. That's not a wildcard you want when making investment decisions. The recent underperformance of the exporting sector does, however, provide some margin of safety and big international political meetings have in the past been an occasion to announce major deals. Scotiabank strategist Simon Fitzgerald-Carrier has moved bank stocks further into underweight territory in the firm's model portfolio as he expects provisions for credit losses [PCLs] to cut in to profit margins. Mr. Fitzgerald-Carrier concedes that first quarter earnings for the banks were not disastrous but emphasized that PCLs as a percentage of gross loans and acceptances continued to climb. The last time this ratio was this high – ignoring the pandemic – was 2010 in the wake of the great financial crisis. The strategist argues that tariffs will hurt domestic economic growth. The unemployment rate is already climbing and this will push PCLs higher. Higher PCLs have historically been correlated with lower price-to-earnings ratios for the sector. Earnings momentum in the bank sector is still positive but flatlining, uninspiring particularly in comparison to insurance company expectations where profit forecasts continue to climb. Scotiabank believes insurance companies remain the better investment as they are better positioned to weather a weaker economy. I announced/warned readers of my intention to subscribe to The Atlantic and the experiment is paying off nicely. The recent column What Happens When People Don't Understand How AI Works by former academic Tyler Austin Harper is amazing, debunking Silicon Valley claims about AI and providing important perspective. The central conceit of AI, according to Mr. Harper, is based on the human tendency to associate language with intelligence. AI's ability to guess the phrase most likely to follow another is an exercise in probability, not thinking. Mr. Harper pushes back on the claim that AI can act as an effective companion. Responding to a robotics professor's contention that AI can combat loneliness as a personalized form of interaction, he writes: 'The fact that the very point of friendship is that it is not personalized–that friends are humans whose interior lives we have to consider and reciprocally negotiate, rather than mere vessels for our own self-actualization – does not seem to occur to him.' Looking for our updates on market movers, analyst actions, stock technicals, insider trades and other daily, weekly and monthly insight? Click here to visit our Inside the Market page. When social media is full of investment advice, that's a good time to do nothing, writes Sam Sivarajan. And a recent study backs up that advice. As investors are looking to diversify away from Wall Street, many are eyeing Latin America. Reuters has more. There's a sharp division between the real world (where everything seems iffy) and the stock market (where everything is great), writes Tim Shufelt. Retail investors might be driving the big divergence. The data calendar is light on both sides of the border for the upcoming week. The only economic release of note domestically is month-over-month manufacturing sales for April where a decline of 2.0 per cent is expected. For domestic earnings Dollarama Inc. on Wednesday is pretty much it. The consensus analyst estimate is $0.835 per share. U.S. CPI for May is out on Wednesday. Economists expect a month-over-month increase of 0.2 per cent and 0.3 per cent for the ex-food and energy reading. Producer prices for May will be released Thursday – a 0.3 per cent rise for the ex-food and energy data is forecast. Relevant earnings reports include Oracle Corp. ($1.642 per share expected) on Wednesday and Adobe Inc. ($4.976) on Thursday.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store