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September 09, 2006

Scotiabank Bets on Edmonton

Scotiabank TD may be watching for a bubble to burst in Edmonton's housing market, but Scotiabank sees only good things for our future. They are expanding their Edmonton operations saying no collapse is on the horizon - the "long-term trend is up." Here is part of the article from the Edmonton Journal:

Scotiabank expands Edmonton operation
Seven new branches planned for suburbs as city's growth expected to continue
Ron Chalmers, The Edmonton Journal
Published: Saturday, September 09, 2006

EDMONTON - Scotiabank will open seven new Edmonton-area branches as part of a two-year plan to add 50 branches across Canada.

The city's fast growth and strong economy make it a prime site for expansion, executive vice-president Christopher Hodgson said. "We do not expect energy prices to dramatically drop. We believe the long-term trend is up."

Nor does Hodgson expect any realestate collapse in Edmonton, where home prices are merely "catching up" to those in other cities, he said. "Long-term, real estate will continue to appreciate here."

Scotiabank has not opened any new branches since 1998 but now is committed to establishing new locations as needed, where needed, said senior vice-president George Marlatte. "We try to open our branches in new subdivisions as soon as we can."

The new locations -- in Magrath, The Grange, 38th Avenue, Sherwood Park, St. Albert, and two on Ellerslie Road, are "where there is new housing," he said. Openings are planned for late this year or early 2007.

Some competitors pursue a different strategy of "bigger branches, and fewer of them," Marlatte said. "We don't believe in the big-box philosophy. We prefer new branches close to the communities they serve."

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