Scotiabank
From Wikipedia, the free encyclopedia
| The Bank of Nova Scotia | |
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| Type | Public company |
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| Founded | Halifax, Nova Scotia, Canada |
| Headquarters | Toronto, Ontario |
| Key people | Rick Waugh - President & CEO |
| Industry | Bank |
| Products | Financial services |
| Revenue |  CAD 11.6 billion (2006) |
| Employees | 57,000 |
| Website | http://www.scotiabank.com/ |
Scotiabank (TSX: BNS NYSE: BNS), 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).
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[edit] History
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.
[edit] Early international expansion
- 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 centers.
[edit] Mergers
The Bank has amalgamated with several other Canadian financial institutions through the years:
| Bank | Year established | Year of amalgamation |
|---|---|---|
| Union Bank of PEI |
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| Summerside Bank |
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| Bank of New Brunswick |
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| Metropolitan Bank of Canada |
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| The Bank of Ottawa |
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| Montreal Trust |
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| National Trust |
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| National Bank of Greece (Canada) |
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Many former branches of Montreal Trust and National Trust were rebranded "Scotiabank & Trust", and continue to operate as such.
[edit] Operating Units
Scotiabank has four divisions:
- Domestic Banking is the commercial banking 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.
- 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.
- 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.
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. [1].
[edit] Current Events
- In 2006 Scotiabank was awarded the title as the official bank for the ICC's 2007 Cricket World Cup. During the event, several stadia and venuesacross the Caribbean (and Guyana in South America) are to become outfited with Scotiabank automated banking machines. [2]
- 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. [3]
- 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. [4], [5], [6], [7],
[edit] Awards
- 2005 - "Bank of the Year" - For Mexico, the Caribbean and in Jamaica by Latin Finance (magazine) [8].
[edit] Corporate governance
Current members of the board of directors of Scotiabank are: Ronald Brenneman, 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).
[edit] Executive Officers
- 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
[edit] Unionization
Scotiabank has unionized relationships with employees in a number of locations around the world. [9] 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.
[edit] Membership
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:
- Interac
- VISA International
- Plus Network for VISA card users
- NYCE ATM Network
- Global ATM Alliance
[edit] Sources
Bank of Nova Scotia. 1932. The Bank of Nova Scotia, 1831-1932. Halifax: Bank of Nova Scotia.
[edit] See also
[edit] External links
- Official site
- Scotiabank Annual Reports
- Montreal Trust Company of Canada and National Trust
- Scotiabank Mortgage Corp
- Yahoo! - The Bank of Nova Scotia Company Profile
- Scotiabank Corporate Profile
- ScotiaMcLeod Direct Investing (Self-Managed Brokerage)
- ScotiaMcLeod (Full-Service Brokerage)
- Scotia Private Client Group
| Bank of Nova Scotia | |
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Chief Executive Officer: Richard E. Waugh | FY 2005 Statistics: Net income: $3.2 billion CAD ( |
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| 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 |
