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Bank of Nova Scotia
Banque de Nouvelle-Écosse
Type Public
Founded Halifax, Nova Scotia, 1832
Headquarters Toronto, Ontario, Canada
Key people Richard E. Waugh,
chief executive officer
Industry Financial services
Revenue $14.5 billion CAD (2009)
Net income $3.5 billion CAD (2009)
Total assets $496.5 billion CAD (2009)
Employees 67,802 (Full-time equivalent, 2009)

The Bank of Nova Scotia (in French, Banque de Nouvelle-Écosse, and commonly Scotiabank in English and Banque Scotia in French) is the third largest bank in Canada by deposits and market capitalization. The bank was founded in 1832 in Halifax, Nova Scotia, and its primary corporate offices are located in Toronto, Ontario.

The company ranks at number 120 on the Forbes Global 2000 listing.[1]



View of a Scotiabank facade in Amherst, Nova Scotia. This structure was erected in 1907.

Founded in Halifax, Nova Scotia in 1832, under the name of the Bank of Nova Scotia, to facilitate the trans-Atlantic trade of the time.[2] The bank launched its branch banking system by opening in Windsor, Nova Scotia. The expansion was limited to the Maritime Provinces until 1882, when the bank moved west by opening a branch in Winnipeg, Manitoba. The Manitoba branch later closed but the experience of doing business in a grain-town encouraged the Bank to expand into the American Midwest, including Minneapolis in 1885 and Chicago in 1892.[2]

Scotiabank also operates locations throughout Mexico, after the purchase of the Mexican bank Inverlat, and deals in all aspects of personal banking, business banking, and property and auto loans.

By 1900, The Bank of Nova Scotia had opened 38 branches across Canada, the United States and Jamaica. In Canada, the Bank was represented in all of the Maritime Provinces, Quebec, Ontario and Manitoba. In 1892, the Bank of Nova Scotia became the first Canadian bank to establish in Newfoundland – 55 years before the dominion joined Confederation.

Early international expansion

Bank of Nova Scotia in Havana, Cuba
  • 1885 - The bank opens its first branch outside Canada in Minneapolis.[2]
  • 1889 - The bank opens a branch in Kingston, Jamaica, the first branch of a Canadian bank outside Canada, the US, or the UK. By 1931 it has 12 branches in Jamaica.[2]
  • 1892 - The bank closes its branch in Minneapolis and transfers the business to the agency that it opens in Chicago, Illinois.
  • 1899 - The bank opens a branch in Boston.
  • 1906 - The bank opens a branch in Havana, Cuba. By 1931 it has three branches in Havana, and one branch each in Camaguey, Cienfuegos, Manzanillo, and Santiago de Cuba.
  • 1907 - The bank opens an agency in New York.
  • 1910 - The bank opens a branch in San Juan, Puerto Rico, and later another one in Fajardo.
  • 1920 - The bank opens a branch in London, and another in Santo Domingo, Dominican Republic.

In its early expansion the bank clearly followed trade and its customers' business - such as the trade of sugar, rum, and fish in Jamaica[2] - rather than pursuing a strategy of expansion into international financial centres.

Scotiabank is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance with no fees when traveling internationally. Other participating banks are Barclays (United Kingdom), Bank of America (United States), BNP Paribas (France), China Construction Bank (China), Deutsche Bank (Germany), Santander Serfin (Mexico) and Westpac (Australia and New Zealand).[3]


The Bank has amalgamated with several other Canadian financial institutions through the years:[2]

Bank Year established Year of amalgamation
Union Bank of PEI
Summerside Bank
Bank of New Brunswick
Metropolitan Bank of Canada
The Bank of Ottawa
Montreal Trust
National Trust
Inverlat (Mexico)
National Bank of Greece (Canada)
Banco Wiesse Sudameris (Peru)
Banco Sudamericano (Peru)

Many former branches of Montreal Trust and National Trust were rebranded "Scotiabank & Trust", and continue to operate as such.

Operating Units

Scotia Plaza, Scotiabank World Headquarters in Toronto, Ontario, Canada

Scotiabank has four divisions:

  • Canadian Banking is the commercial banking division, offering savings and loan services. It includes 1009 branches , 2,750 ABMs, and 3 call centres. It offers telephone, wireless and Internet banking. Their brokerage unit is called the Wealth Management Group.
  • Scotia Capital Inc. is the investment banking division, which helps large corporations, institutions, and governments obtain capital and credit. The Canadian investment banking division is known as ScotiaMcLeod (formerly known as McLeod, Young and Weir), and metals trading is done under the name of ScotiaMocatta. Scotia Waterous is the well-regarded M&A division that operates exclusively within the oil & gas industry.
  • International Banking is the merchant banking division, assisting its customers with international trade. Scotiabank's marketing material claims it is the leading provider of financial services in the Caribbean, and that it has the broadest Asian network of any Canadian bank.
  • e-Commerce/e-Banking at Scotiabank manages wire transfers and payments.

As of 2009, Scotiabank services over 12.5 million customers and has over 500 billion dollars in assets. The bank employs over 69,000 employees all over the globe including: Europe, Asia, Latin America and the Caribbean. Scotiabank is Canada's most international bank with over 2000 branches in some 50 countries. As in the past, in 2009 some of the top management at Scotiabank announced a plan that it would once again play a part in general infrastructural development in the countries where it operates.[4]

Corporate sponsorship and branding



  • Scotiabank currently is the title sponsor for running events that are part of the Canada Running Series: Scotiabank Montreal 21k & 5k (April), Vancouver Half-Marathon & 5k Run/Walk (June) & Toronto Waterfront Marathon, Half-Marathon & 5k (September) and the Scotiabank Bluenose Marathon.[5]
  • Scotiabank also is currently the Official Bank of the National Hockey League and National Hockey League Players' Association.[7] And the official bank of the NHLPA, the NHL Alumni, the Canadian Women's Hockey League. Additionally, Scotiabank sponsors the Little NHL (native hockey league) and several girl's hockey festivals across Canada.
  • Scotiabank can be seen as a primary sponsor for Champion Boxer Miguel Cotto during his 2009 bout with Manny Pacquio
  • Since 2005, Scotiabank has been the title sponsor of the CFL playoffs semi-final and conference final games, with games titled as the Scotiabank East Semi-Finals and Scotiabank West Semi-Finals. This is in addition to being the official financial services provider to the Canadian Football League.
  • Since 2008, Scotiabank has been the official team sponsor of Canadian Cricket Team and the title sponsor of National T20 Championship in Canada.


  • In 2007, Scotiabank and Cineplex Entertainment partnered up to create a loyalty rewards program called SCENE. The program allows patrons to sign-up for a special card that grants them points which can be redeemed for free movies or concession discounts. Scotiabank customers can also request for a SCENE debit card which gives them points when used. A SCENE VISA card was also launched in early May. In addition, 5 Cineplex Entertainment locations were rebranded as "Scotiabank Theatres".[9]
  • For 2007 and 2008, Scotiabank has been the title sponsor of the Scotiabank Nuit Blanche event in Toronto. [2]

Recent events

  • On November 6, 2006, two homemade bombs were placed within Scotiabank branches in Mexico City. One exploded, resulting in no deaths, while a second bomb was de-activated. Authorities were previously alerted to the presence of the bombs. A coalition of five leftist guerilla groups which support (but had no known connections to) protests in Oaxaca claimed responsibility.[10]
  • In December, 2006 Scotiabank announced it successfully acquired majority control of the fourth largest Jamaica-based Securities dealer Dehring Bunting & Golding Ltd. (DB&G) ending weeks of speculation about the bid on the Jamaica Stock Exchange. The deal is expected to cost the Bank of Nova Scotia and it's Jamaican subsidiary between C$80 – $90 Million dollars to close the deal.[11][12][13][14]
  • On August 31, 2007 Scotiabank announced it has signed agreements to purchase 79 per cent of Banco del Desarrollo, Chile's seventh largest bank for US$810 million. These agreements are the first stage in a plan to purchase up to 100 per cent of Banco del Desarrollo. Scotiabank will be making a public share offering on the same terms and expects to acquire up to 100 per cent of Banco del Desarrollo, which would be valued at US$1.03 billion.
  • In July 2008, E*TRADE sold its Canadian division to Scotiabank for CAN$444 million, as part of a program of selling off non-core assets.[15][16] Scotiabank is investigating the expansion of the E*Trade service to their Caribbean markets as well.[17]
  • In October 2008 Scotiabank was considered one of the front-runners to buy Cleveland-based National City Corp. and re-enter the United States market, alongside Pittsburgh-based PNC Financial Services and Minneapolis-based U.S. Bancorp.[18][19] Many local citizens in Cleveland considered Scotiabank as the best option, due to their longstanding absence from the U.S. market, which would've allowed most of National City's operations to stay in Cleveland. Scotiabank, however, backed out of the deal, and PNC would acquire National City with TARP funds on October 24, 2008 after National City became a victim of the subprime mortgage crisis.


Corporate governance

Current members of the board of directors of Scotiabank are:[21] Ronald A. Brenneman, C.J. Chen, N. Ashleigh Everett, John Kerr, Michael Kirby, Laurent Lemaire, John T. Mayberry, Thomas O’Neill, Elizabeth Parr-Johnston, Alexis Rovzar de la Torre, Indira Samarasekera, Arthur Scace, Allan Shaw, Paul Sobey, Barbara Thomas, and Richard E. Waugh.

Former members of the board include: Peter Godsoe (former President and CEO of Scotiabank) and Cedric Ritchie (Former Chairman).

Executive Officers

Current members of the Executive Management Team are:[22]

  • Richard E. Waugh, President and Chief Executive Officer.
  • Sarabjit (Sabi) S. Marwah, Vice-Chairman and Chief Operating Officer.
  • Deborah M. Alexander, Executive Vice-President, General Counsel and Secretary.
  • Alberta G. Cefis, Executive Vice-President and Group Head, Global Transaction Banking.
  • Sylvia D. Chrominska, Executive Vice-President, Human Resources and Public, Corporate and Government Affairs.
  • Mike Durland, Co-Chairman and Co-Chief Executive Officer, Scotia Capital and Head, Global Capital Markets.
  • Wendy Hannam, Executive Vice-President, Domestic Personal Banking and Distribution.
  • Timothy P. Hayward, Executive Vice-President and Chief Administrative Officer International Banking.
  • Jeffrey C. Heath, Executive Vice-President & Group Treasurer.
  • Robin S. Hibberd, Executive Vice-President, Domestic Personal Lending & Insurance.
  • Christopher J. Hodgson, Executive Vice-President, Head of Domestic Personal Banking.
  • Dieter W. Jentsch, Executive Vice-President, Domestic Commercial Banking.
  • Barb Mason, Executive Vice-President, Wealth Management.
  • Stephen D. McDonald, Co-Chairman and Co-CEO, Scotia Capital and Head, Global Corporate and Investment Banking.
  • Kim B. McKenzie, Executive Vice-President, Information Technology and Solutions.
  • Robert H. Pitfield, Executive Vice-President International Banking.
  • Brian J. Porter, Executive Vice-President and Chief Risk Officer.
  • Luc A. Vanneste, Executive Vice-President and Chief Financial Officer.
  • Anatol von Hahn, Executive Vice-President, Latin America.
  • Raza Siddiqui, Executive Vice-President, South East Asia.


Scotiabank has unionized relationships with employees in a number of locations around the world.[23] In Canada, the sole unionized workplace is the domestic banking branch in Deep River, Ontario.


BNS is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:


Bank of Nova Scotia. 1932. The Bank of Nova Scotia, 1831-1932. Halifax: Bank of Nova Scotia.

See also


  1. ^ [1]
  2. ^ a b c d e f - The Scotiabank Story Accessed July 23, 2008
  3. ^ "Five big banks form Global ATM Alliance", January 9, 2002. Accessed June 22, 2007.
  4. ^
  5. ^ Canada Running Series
  6. ^ - Money - Scotiabank signs deal with NHL
  7. ^ Scotiabank - Official Bank of the NHL and NHLPA
  8. ^
  9. ^ SCENE Website
  10. ^ Leftist rebels claim responsibility for Mexico City blasts; demand Oaxaca governor resign - iht,america,Mexico Explosions, 11th Ld-Writethru - Americas - International Herald ...
  11. ^
  12. ^
  13. ^ Trinidad News, Trinidad Newspaper, Trinidad Sports, Trinidad politics, Trinidad and Tobago, Tobago News, Trinidad classifieds, Trinidad TV, Sports, Business
  14. ^ Trinidad News, Trinidad Newspaper, Trinidad Sports, Trinidad politics, Trinidad and Tobago, Tobago News, Trinidad classifieds, Trinidad TV, Sports, Business
  15. ^ Reuters, Accessed July 22, 2008
  16. ^ Scotiabank Press Release, Accessed July 23, 2008
  17. ^ Scotiabank talking to E*Trade on Caribbean, Reuters, November 12th, 2008 5:40pm EST
  18. ^
  19. ^
  20. ^ Advocate
  21. ^ - Board of Directors, Accessed July 23, 2008
  22. ^ - Executive Management, Accessed July 23, 2008
  23. ^ T43536-CSR05_1-10

External links

Bank of Nova Scotia

Chief Executive Officer: Richard E. Waugh | FY 2007 Statistics: Net income: $4.0 billion CAD (9%) | Market capitalization: $48.8 billion CAD | Assets: $411.5 billion CAD | Employees: 62,143 | Stock symbols: TSXBNS NYSEBNS | Website:

Major brands by financial service
Master: Scotia | Financial group: Scotiabank Group | Canadian banking: Scotiabank | International banking: Scotiabank International | Canadian mutual funds: Scotia Mutual Funds | Canadian brokerage: ScotiaMcLeod | Canadian insurance: Scotia Insurance | Capital markets: Scotia Capital


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