Scotiabank Totally Explained

Everything about Bank Of Nova Scotia totally explained

Scotiabank (Banque Scotia), the trademark name for 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. Scotiabank ranks number 92 on the Forbes Global 2000 list (2008 edition

History

Founded in Halifax, Nova Scotia in 1832, under the name McLeod Young Weir Co. & Ltd. on February 1, 1921 by Donald Ivan McLeod, William Ewart Young, James Gordon Weir, and John Henry Ratcliffe. 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" 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

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, 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, 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).

Mergers

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

Bank	Year established	Year of amalgamation
Union Bank of PEI	1864	1883
Summerside Bank	1863	1901
Bank of New Brunswick	1820	1913
Metropolitan Bank of Canada	1902	1914
The Bank of Ottawa	1874	1919
Montreal Trust	1889	1994
National Trust	1898	1997
National Bank of Greece (Canada)	1969	2005

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

Operating Units

Scotiabank has four divisions:

Domestic Banking is the commercial banking division, offering savings and loan services. It includes 1005 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's 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. (External Link

Corporate sponsorship and branding

Sports

Scotiabank currently is the title sponsor for three 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).

As of October, 2007 Scotia Bank has branded itself with Hockey Night in Canada.(External Link

) The 30-minute pre-game show of Hockey Night in Canada is titled 'Scotiabank Hockey Tonight'.

Is currently the Official Bank of the National Hockey League and National Hockey League Players' Association.(External Link

)

Has purchased the naming rights to the arena of the Ottawa Senators, titleing it Scotiabank Place.

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 venues

across the Caribbean (and Guyana in South America) are to become outfited with Scotiabank automated banking machines. (External Link

)

Since 2005, Scotiabank has been the title sponsor of the CFL playoffs semi-final and conference final games, with games titled as for example the Scotiabank East Semi-Finals.

Culture

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".

For 2007 and 2008, has been the title sponsor of the Scotiabank Nuit Blanche event in Toronto(External Link

Title sponsor, Scotiabank Giller Prize (External Link

Scotiabank Hall of Brock University in St. Catharines, Ontario.

Current Events

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 don't lead) protests in Oaxaca claimed responsibility. (External Link

)

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. (External Link

), (External Link

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.

Awards

2005 - "Bank of the Year" - For Mexico, the Caribbean and in Jamaica by Latin Finance (magazine) (External Link

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).

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

Unionization

Scotiabank has unionized relationships with employees in a number of locations around the world. (External Link

) 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.

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

MasterCard in the Caribbean markets

Plus Network for VISA card users

NYCE ATM Network

CarIFS ATM Network

LINX network ATM network(External Link

)

MultiLink Network ATM network(External Link

)

MAGNA Rewards as part of the Scotiabank MAGNA MasterCard.

Global ATM Alliance

Sources

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

Further Information

Get more info on 'Bank Of Nova Scotia'.

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