Without dictating more details about withdrawing the application, the Canadian lender said that it has re-evaluated the proposed partnership under changing scenario.
Scotiabank international banking group head Dieter Jentsch said the bank will continue to consider future opportunities for investment in China that are in line with its strategy and footprint in the region.
"The Bank also remains focused on our existing operations in the country including the recently announced Bank of Beijing Scotia Asset Management Joint Venture and 19% stake in Bank of Xi’an," Jentsch added.
Since 1982, the bank was operating in China and has offices in Guangzhou, Chongqing and Shanghai as well as Hong Kong and Taipei.
With over 83,000 staff, Scotiabank and its affiliates offer financial services to nearly 19 million customers in over 55 nations, globally.
As of 30 April 2013, the bank had C$754bn of assets under management and trades on Toronto (BNS) and New York Exchanges (BNS).
