Scotiabank
From Free net encyclopedia
Image:Scotiabank.png Scotiabank (Template:Tsx Template:Nyse), formally known as The Bank of Nova Scotia, is one of Canada's Big Five banks. It is the third largest bank in Canada, behind Royal Bank of Canada and Toronto-Dominion Bank.
Contents |
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 deal 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 colony joined Confederation.
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.
Mergers
The Bank has amalgamated with several other Canadian financial institutions through the years:
| Bank | Year established | Year of amalgamation |
|---|---|---|
| Union Bank of PEI | <center>1883 | |
| Summerside Bank | <center> 1863 | <center> 1901 |
| The Bank of New Brunswick | <center>1820 | <center>1913 |
| The Metropolitan Bank | <center>1902 | <center>1914 |
| The Bank of Ottawa | <center>1874 | <center>1919 |
| Montreal Trust | <center>1889 | <center>1994 |
| National Trust | <center>1898 | <center>1997 |
Operating Units
Scotiabank has four divisions:
- Domestic Banking is the commercial banking division, offering savings and loan services. It includes 960 branches , 2,400 ABMs, and 4 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 10 million customers and has over 286 billion dollars in assets. The bank employs over 49,000 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.
Awards
- 2005 - "Bank of the Year" - For Mexico, the Caribbean and in Jamaica by Latin Finance (magazine) [1].
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.
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
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
Sources
Bank of Nova Scotia. 1932. The Bank of Nova Scotia, 1831-1932. Halifax: Bank of Nova Scotia.