''(Banque Scotia)'' ( ), formally known as '''The Bank of Nova Scotia''' is one of
Canada 's
Big Five Banks . It is the third largest bank in
Canada by
Assets (behind the
Royal Bank Of Canada and
TD Bank Financial Group ), and the second largest by
Market Capitalization (behind
Royal Bank Of Canada ). It is Canada's most international bank, having branches in more countries than the other major Canadian banks.
. This structure was erected in 1907.]]
Founded in
Halifax ,
Nova Scotia in
1832 , 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 and
Chicago .
Scotiabank also operates locations throughout
Mexico under the name "Scotiabank 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.
,
Cuba ]]
- 1885 - The bank opens its first branch outside Canada in Minneapolis .
- 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.
- 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 , Manzanilla , 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 branch 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, rather than pursuing a strategy of expansion into international financial centres.
Scotiabank is a member of the ,
2002 . Accessed
June 22 ,
2007 .
The Bank has amalgamated with several other Canadian financial institutions through the years:
Many former branches of Montreal Trust and National Trust were rebranded "Scotiabank & Trust", and continue to operate as such.
, Scotiabank Headquarters in
Toronto ,
Ontario ,
Canada ]]
Scotiabank has four divisions:
- is the Commercial Bank ing division, offering Savings and Loan services. It includes 970 branches , 2,750 ABMs, and 3 call centres. It offers telephone, wireless and Internet banking. Their Brokerage unit is called the Wealth Management Group.
- is the Investment Bank ing 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'''.
- is the Merchant Bank ing 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.
- manages wire transfers and payments.
In 2005, Scotiabank services over 12 million customers and has over 286 billion dollars in assets. The bank employs over 57,000 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 50 countries. As in the past, in 2006 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.
{Link without Title} .
- In 2006 Scotiabank was awarded the title as the official bank for the in South America) are to become outfited with Scotiabank Automated Banking Machine s. {Link without Title}
- On November 6th, 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 do not lead) Protests In Oaxaca claimed responsibility. {Link without Title}
- 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. [http://www.jamaicaobserver.com/magazines/Business/html/20061214T210000-0500_116683_OBS_SCOTIABANK_OFFICIALLY_TAKES_OVER_DB_G_.asp], [http://www.jamaicaobserver.com/magazines/Business/html/20061212T190000-0500_116573_OBS_SOME_DB_G_SHAREHOLDERS_STILL_AWAITING_PAYMENT_FROM_BNS.asp], [http://www.trinidadexpress.com/index.pl/article?id=161069916 ,
- 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 have the ability to merge their bank accounts and Scene accounts to collect points when they use their cards. A SCENE VISA card will be launched in early May. In addition, 5 Cineplex Entertainment locations were rebranded as "Scotiabank Theatres".
- 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.
Current members of the ,
C.J. Chen ,
N. Ashleigh Everett ,
John Kerr ,
Michael Kirby ,
Laurent Lemaire ,
John Mayberry ,
Barbara McDougall ,
Elizabeth Parr-Johnston ,
Arthur Scace ,
Gerald Schwartz ,
Allan Shaw ,
Paul Sobey ,
Barbara Thomas , and
Richard E. Waugh .
Former members of the board include:
Peter Godsoe and
Cedric Ritchie (Former Chairman).
- Richard E. Waugh , President and Chief Executive Officer
- Robert W. Chisholm, Vice-Chairman, Scotiabank, and President and CEO, Domestic Banking and Wealth Management
- W. David Wilson, Vice-Chairman Scotiabank and Chairman and CEO, Scotia Capital
- Robert L. Brooks, Senior Executive Vice-President, Treasury and Operations
- Sarabjit S. Marwah, Vice-Chairman and Chief Administrative Officer
- Deborah M. Alexander, Executive Vice-President, General Counsel and Secretary
- Tim Hayward, Executive Vice-President and Chief Administrative Officer International Banking
- Luc A. Vanneste, Executive Vice-President and Chief Financial Officer
- Kim B. McKenzie, Executive Vice-President, Information Technology and Solutions
- Robert H. Pitfield, Executive Vice-President, International Banking
Scotiabank has unionized relationships with employees in a number of locations around the world.
In Canada, the sole unionized workplace is the domestic banking branch in
Deep River, Ontario . In 2005 the bank successfully defended an attempt by workers in its collection centre to join a trade union.
BNS is a member of the
Canadian Bankers Association 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.
