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The Bank of Nova Scotia (french: link=no, Banque de Nouvelle-Écosse), operating as Scotiabank (french: link=no, Banque Scotia), is a Canadian multinational banking and financial services company headquartered in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
,
Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central C ...
. One of Canada's
Big Five banks Big Five is the name colloquially given to the five largest banks that dominate the banking industry of Canada: Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and ...
, it is the third largest Canadian bank by deposits and market capitalization. It serves more than 25 million customers around the world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking. With more than 92,001 employees and assets of Can$1,136 billion (according to 2020 annual report), Scotiabank trades on the Toronto () and New York () exchanges. The Scotiabank swift code is NOSCCATT and the institution number is 002. Scotiabank was founded in 1832 in
Halifax, Nova Scotia Halifax is the capital and largest municipality of the Provinces and territories of Canada, Canadian province of Nova Scotia, and the largest municipality in Atlantic Canada. As of the 2021 Census, the municipal population was 439,819, with 348 ...
, where it was headquartered until relocating to Toronto in 1900. Scotiabank has billed itself as "Canada's most international bank" due to its acquisitions primarily in Latin America and the Caribbean, and also in Europe and parts of Asia. Scotiabank is a member of the London Bullion Market Association and one of fifteen accredited institutions which participate in the London gold fixing. From 1997 to 2019, this was conducted through its precious metals division ScotiaMocatta. Scotiabank is led by President and CEO
Brian J. Porter Brian (sometimes spelled Bryan in English) is a male given name of Irish and Breton origin, as well as a surname of Occitan origin. It is common in the English-speaking world. It is possible that the name is derived from an Old Celtic word meani ...
.


History


19th century

The bank was incorporated by the
Legislative Assembly of Nova Scotia The Nova Scotia House of Assembly (french: Assemblée législative de la Nouvelle-Écosse; gd, Taigh Seanaidh Alba Nuadh), or Legislative Assembly, is the deliberative assembly of the General Assembly of Nova Scotia of the province of Nova Scoti ...
on March 30, 1832, in Halifax,
Nova Scotia Nova Scotia ( ; ; ) is one of the thirteen provinces and territories of Canada. It is one of the three Maritime provinces and one of the four Atlantic provinces. Nova Scotia is Latin for "New Scotland". Most of the population are native En ...
, with William Lawson serving as the first president. Scotiabank was founded in Halifax, Nova Scotia, in 1832 under the name of The Bank of Nova Scotia. The bank intended to facilitate the trans-Atlantic trade of the time. Later, in 1883, the Bank of Nova Scotia acquired the Union Bank of Prince Edward Island, although most of the bank's expansion efforts in the century took the form of branch openings. The bank launched its branch banking system by opening in Windsor, Nova Scotia. The expansion was limited to the
Maritimes The Maritimes, also called the Maritime provinces, is a region of Eastern Canada consisting of three provinces: New Brunswick, Nova Scotia, and Prince Edward Island. The Maritimes had a population of 1,899,324 in 2021, which makes up 5.1% of Ca ...
until 1882, when the bank moved west by opening a branch in
Winnipeg Winnipeg () is the capital and largest city of the province of Manitoba in Canada. It is centred on the confluence of the Red and Assiniboine rivers, near the longitudinal centre of North America. , Winnipeg had a city population of 749 ...
, which later closed, but the bank continued to expand into the American Midwest. This included opening a branch in
Minneapolis Minneapolis () is the largest city in Minnesota, United States, and the county seat of Hennepin County. The city is abundant in water, with list of lakes in Minneapolis, thirteen lakes, wetlands, the Mississippi River, creeks and waterfalls. ...
in 1885, which later transferred to Chicago in 1892. Following the collapse of the Commercial Bank of Newfoundland and Union Bank of Newfoundland on December 10, 1894, the Bank of Nova Scotia established on December 15, 1894, in
Newfoundland Newfoundland and Labrador (; french: Terre-Neuve-et-Labrador; frequently abbreviated as NL) is the easternmost province of Canada, in the country's Atlantic region. The province comprises the island of Newfoundland and the continental region ...
. The bank opened a branch in Kingston, Jamaica, in 1889 to facilitate the trading of sugar, rum, and fish. This was Scotiabank's first move into the Caribbean and historically the first branch of a Canadian bank to open outside of the United States or the United Kingdom. In 1899, Scotiabank opened a branch in
Boston Boston (), officially the City of Boston, is the capital city, state capital and List of municipalities in Massachusetts, most populous city of the Commonwealth (U.S. state), Commonwealth of Massachusetts, as well as the cultural and financ ...
,
Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...
. By the end of the 19th century, the bank was represented in all of the
Maritimes The Maritimes, also called the Maritime provinces, is a region of Eastern Canada consisting of three provinces: New Brunswick, Nova Scotia, and Prince Edward Island. The Maritimes had a population of 1,899,324 in 2021, which makes up 5.1% of Ca ...
,
Quebec Quebec ( ; )According to the Government of Canada, Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is ...
,
Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central C ...
, and
Manitoba , image_map = Manitoba in Canada 2.svg , map_alt = Map showing Manitoba's location in the centre of Southern Canada , Label_map = yes , coordinates = , capital = Win ...
. In 1900, the bank moved its headquarters to
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
, Ontario.


20th century

The bank continued to grow with the opening of new branches in the early 20th century. In 1906, the Bank of Nova Scotia opened a branch in
Havana Havana (; Spanish: ''La Habana'' ) is the capital and largest city of Cuba. The heart of the La Habana Province, Havana is the country's main port and commercial center.
, Cuba, followed by a branch in
New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the U ...
in the following year. In 1910, the bank opened a branch in
San Juan San Juan, Spanish for Saint John, may refer to: Places Argentina * San Juan Province, Argentina * San Juan, Argentina, the capital of that province * San Juan, Salta, a village in Iruya, Salta Province * San Juan (Buenos Aires Underground), ...
,
Puerto Rico Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico), is a Caribbean island and Unincorporated ...
. The bank also grew with the merger and acquisition of other banks, including the Bank of New Brunswick in 1913, and the Toronto-based Metropolitan Bank in 1914. The acquisition of Metropolitan Bank made the Bank of Nova Scotia the fourth largest financial institution in Canada at that time. In 1919, the bank amalgamated with the Bank of Ottawa. In 1919, the bank opened a branch in Fajardo, Puerto Rico. In the following year, the bank opened a branch in London, and another in
Santo Domingo , total_type = Total , population_density_km2 = auto , timezone = AST (UTC −4) , area_code_type = Area codes , area_code = 809, 829, 849 , postal_code_type = Postal codes , postal_code = 10100–10699 ( Distrito Nacional) , webs ...
, Dominican Republic. The bank also saw growth in Cuba, with five branches in Havana, and one branch each in
Camagüey Camagüey () is a city and municipality in central Cuba and is the nation's third-largest city with more than 321,000 inhabitants. It is the capital of the Camagüey Province. It was founded as Santa María del Puerto del Príncipe in 1514, by S ...
, Cienfuegos, Manzanillo, and Santiago de Cuba by 1931. During the mid-20th century, the bank grew not only in size but also in breadth of products and services. Progress was conditioned by changing consumer needs, legal changes, or acquisitions of external service providers. Major changes include: Following the passage of the '' National Housing Act'', the Bank of Nova Scotia created a mortgage department in 1954. Further changes to the ''Bank Act of 1954'' in 1958 led to the bank introducing its consumer credit program. The bank's branches in Cuba continued to operate until 1960, when the Government of Cuba nationalized all banks in Cuba, and the Bank of Nova Scotia withdrew its services from all eight branches. During the 1960s, the Bank of Nova Scotia became the first Canadian bank to appoint women as bank managers, with the first appointed on September 11, 1961. In the next year, the bank expanded into Asia with the opening of a Representative Office in Japan. In 1975, the Bank of Nova Scotia adopted ''Scotiabank'' as its worldwide brand name. On September 28, 1978, Scotiabank and
Canadian Union of Public Employees The Canadian Union of Public Employees (CUPE; french: Syndicat canadien de la fonction publique, links=no; french: SCFP, link=, label=none) is a Canadian trade union serving the public sector – although it has in recent years organized work ...
signed a collective agreement in Toronto, making Scotiabank the first Canadian bank to sign a collective agreement with a union. In 1986, Scotiabank created Scotia Securities to provide discount brokerage and security underwriting services. The late 1980s and 1990s saw the bank acquire several firms, including McLeod Young Weir Ltd brokerage firm (co-founded by Donald Ivan McLeod, William Ewart Young, James Gordon Weir and John Henry (Harry) Ratcliffe in 1921) in 1988, and Montreal Trustco Inc. in 1994. In 1997, the bank acquired National Trust Company for Can$1.25 billion. In the same year, Scotiabank acquired Banco Quilmes in Argentina.


21st century

In 2000, Scotiabank increased its stake in Mexican bank Grupo Financiero Inverlat to 55 percent. The Mexican bank was subsequently renamed to Grupo Financiero Scotiabank Inverlat. Scotiabank later acquired Inverlat banking house in 2003, taking over all of its branches and establishing a strong presence in the country. In 2002, Scotiabank shut its branches (formerly Banco Quilmes) in Argentina during the currency crisis and massive sovereign default. In the following year, Scotiabank's Guangzhou branch was awarded the first licence to a Canadian bank by the Chinese government to deal in Chinese currency. In 2007, Scotiabank acquired a 24.98 per cent stake in Thanachart Bank, with that share later increasing to 48.99 per cent by December 2014. With the acquisition of Siam City Bank, Thanachart Bank is now the 6th largest bank (by assets) in Thailand with over 16,000 staff serving more than four million customers through 680 branches and 2,100 ATMs across the country. In 2010, the bank opened its first offices in
Bogotá Bogotá (, also , , ), officially Bogotá, Distrito Capital, abbreviated Bogotá, D.C., and formerly known as Santa Fe de Bogotá (; ) during the Spanish period and between 1991 and 2000, is the capital city of Colombia, and one of the largest ...
, Colombia. On October 20, 2011, Scotiabank acquired a 51 per cent stake in , Colombia's fifth largest bank and second largest issuer of credit cards, for $1 billion Canadian in cash and stock (10 million shares). It is the second largest foreign transaction ever by a Canadian financial company overseas, behind Royal Bank of Canada's purchase in Royal Bank of Trinidad and Tobago. In 2012, Scotiabank entered into an agreement to acquire ING Direct Bank of Canada from ING Groep N.V. Two years later, Scotiabank would acquire ING Direct Bank of Canada for Can$3.13 billion. The sale completed on November 15, 2012, and ING Bank of Canada was later renamed it Tangerine in April 2014. As a result of the FATCA agreement between Canada and the United States, signed between the two countries in 2014, Scotiabank has also spent almost $100 million implementing a controversial system to report to the United States the account holdings of close to one million Canadians of American origin and their Canadian-born spouses. Scotiabank has been forced to implement this system in order to comply with
FATCA The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indicatio ...
. According to Financial Post, FATCA requires Canadian banks to provide information to the United States including total assets, account balances, account numbers, transactions, account numbers, and other personal identifying information, as well as assets held jointly with Canadian-born spouses and other family members. On July 14, 2015, Scotiabank announced that it would buy
Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...
's retail and commercial banking operations in Panama and Costa Rica. Terms of the transaction were not disclosed. The purchase would increase Scotiabank's client base in both countries from 137,000 to 387,000, and would add 27 branches to the existing 51 branches in both Central American nations. Scotiabank's former President, CEO and Chairman Cedric Ritchie died on March 20, 2016. He was a President of Scotiabank from 1972, and CEO and Chairman from 1974 to 1995. Under his leadership, Scotiabank expanded into more than 40 countries and grew to 33,000 employees. In 2017, Scotiabank join Enterprise Ethereum Alliance. In 2018, Scotiabank acquired Montreal investment firm Jarislowsky Fraser, also in 2018 Scotiabank completed the acquisition of a 68.19 per cent stake in BBVA Chile for Can$2.9 billion, as a result BBVA Chile was merged into Scotiabank Chile. On February 21, 2019, the Prosecutor in the Central American country of Costa Rica raided Scotiabank's offices in
San José, Costa Rica San José (; meaning "Saint Joseph") is the capital and largest city of Costa Rica, and the capital of the province of the same name. It is in the center of the country, in the mid-west of the Central Valley, within San José Canton. San ...
, claiming that the bank had failed to provide the government with information on accounts and deposits that could allegedly implicate Alejandro Toledo, the former president of
Peru , image_flag = Flag of Peru.svg , image_coat = Escudo nacional del Perú.svg , other_symbol = Great Seal of the State , other_symbol_type = Seal (emblem), National seal , national_motto = "Fi ...
, in money laundering. Later that year, in June 2019 it was announced that
OFG Bancorp OFG Bancorp, founded in 1964, more commonly known as OFG or Oriental Bank, is a financial holding company located in San Juan, Puerto Rico. OFG offers a wide range of retail and commercial banking, lending and wealth management products, servic ...
would acquire all branches of Scotiabank within Puerto Rico and the United States Virgin Islands territories as part of a $550 million cash deal. In 2019, Scotiabank underwent a rebranding, modifying its wordmark logo and introducing a new corporate font based on its design, downplaying the company's S and globe monogram, and increasing use of the abbreviated name "Scotia".


Acquisitions and mergers

The bank has amalgamated with several other Canadian financial institutions through the years and purchased several other banks overseas. Most have been rebranded since their acquisition, although a few continue to utilize their former names. Several branches of the former Montreal Trust and National Trust were rebranded Scotiabank & Trust, and continue to operate as such.


Operating units

Scotiabank has four business lines: * Canadian Banking provides financial advice and banking to personal and business customers across Canada. Scotiabank also provides an alternative self-directed banking method through Tangerine Bank. * International Banking provides financial products and advice to retail and commercial customers in select regions outside of Canada, supplemented by additional products and services offered by Global Banking & Markets and Global Wealth & Insurance. * Global Wealth & Insurance (GWI) combines the Bank's wealth management and insurance operations in Canada and internationally, and Global Transaction Banking. GWI is diversified across geographies and product lines. * Global Banking & Markets, Scotiabank's wholesale banking and capital markets arm, offers various products and services to corporate, government and institutional investor clients globally.


Branch and office locations


Canadian

Scotiabank operates branches in all Canadian provinces and territories, except for
Nunavut Nunavut ( , ; iu, ᓄᓇᕗᑦ , ; ) is the largest and northernmost territory of Canada. It was separated officially from the Northwest Territories on April 1, 1999, via the '' Nunavut Act'' and the '' Nunavut Land Claims Agreement Act'' ...
.


Global

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *


Sponsorship


Sports

Scotiabank is the title sponsor for a number of sports events including the Calgary Marathon, the
CONCACAF Champions League The CONCACAF Champions League, known officially as the Scotiabank CONCACAF Champions League for sponsorship reasons, is an annual continental club football competition organized by CONCACAF. The tournament is contested by clubs from North Amer ...
tournament (since 2015), and the Jewish National Fund's "Pitch for Israel" event. Scotiabank is also the title sponsor for running events that form a part of the Canada Running Series. They include Banque Scotia 21k de Montreal + 10k & 5k in April; Scotiabank Vancouver Half-Marathon & 5k Run/Walk in June; Scotiabank Toronto Waterfront Marathon, Half-Marathon & 5k in October; and the Scotiabank Bluenose Marathon. Since 2005, Scotiabank has also 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 The Canadian Football League (CFL; french: Ligue canadienne de football—LCF) is a professional sports league in Canada. The CFL is the highest level of competition in Canadian football. The league consists of nine teams, each located in a ...
. Scotiabank was also a primary sponsor for Champion Boxer Miguel Cotto during his 2009 bout with
Manny Pacquiao Emmanuel Dapidran Pacquiao Sr. (; born December17, 1978) is a Filipino politician and former professional boxer. Nicknamed "PacMan", he is regarded as one of the greatest professional boxers of all time. He served as a Senator of the Phil ...
. Other sporting events Scotiabank has sponsored includes the 2007 Cricket World Cup, during which it was awarded the title as the official bank of the tournament by the International Cricket Council. During the event, several stadia and venues across the Caribbean (and Guyana in South America) are to become outfitted with Scotiabank
automated banking machine An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, f ...
s. In 2010, Scotiabank was a sponsor of the World Rally Championship's Corona Rally Mexico. Since 2008, Scotiabank has been the official team sponsor of Canadian Cricket Team and the title sponsor of National T20 Championship in
Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tota ...
. Scotiabank is also the official bank of the
West Indies Cricket Team The West Indies cricket team, nicknamed the Windies, is a multi-national men's cricket team representing the mainly English-speaking countries and territories in the Caribbean region and administered by Cricket West Indies. The players on t ...
. Scotiabank also sponsors sports leagues and teams, becoming a sponsor for Club Deportivo Guadalajara in 2013; and becoming the official sponsor for the Chilean Primera División after signing a five-year period contract in 2014. Scotiabank is also the official bank of the
National Hockey League The National Hockey League (NHL; french: Ligue nationale de hockey—LNH, ) is a professional ice hockey sports league, league in North America comprising 32 teams—25 in the United States and 7 in Canada. It is considered to be the top ranke ...
and National Hockey League Players' Association. Scotiabank also sponsors the Little NHL (native hockey league) and several girls' hockey festivals across Canada. In October 2007, Scotiabank became a sponsor of the '' Hockey Night in Canada'' broadcast by
Canadian Broadcasting Corporation The Canadian Broadcasting Corporation (french: Société Radio-Canada), branded as CBC/Radio-Canada, is a Canadian public broadcaster for both radio and television. It is a federal Crown corporation that receives funding from the governme ...
/ Sportsnet and the title sponsor for its pregame show, ''Scotiabank Hockey Tonight''. Other sports broadcasts sponsored by Scotiabank includes CTV Television Network's and
TSN TSN may refer to: Science and technology * Translin, DNA binding protein involved in microRNA function * Taxonomic serial number, a stable and unique taxonomic serial number issued by the Integrated Taxonomic Information System * The Science Netwo ...
's coverage of
Premier League The Premier League (legal name: The Football Association Premier League Limited) is the highest level of the men's English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Foo ...
Soccer and the
FA Cup Final The FA Cup Final, commonly referred to in England as just the Cup Final, is the last match in the Football Association Challenge Cup. It has regularly been one of the most attended domestic football events in the world, with an official atten ...
, since 2013. In addition to sporting broadcasts and events, Scotiabank is also the title sponsor for a number of athletic facilities. They include the
Scotiabank Aquatics Center The Scotiabank Aquatics Center is an aquatics center built for the 2011 Pan American Games in the municipality of Zapopan, near Guadalajara, Mexico. It was opened June 22, 2011, built at a cost of $ USD31.7m (380 million pesos). It is the m ...
in Guadalajara; Scotiabank Saddledome in
Calgary Calgary ( ) is the largest city in the western Canadian province of Alberta and the largest metro area of the three Prairie Provinces. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806, maki ...
(since October 8, 2010); and the Scotiabank Centre in Halifax (since June 25, 2014). The
naming rights Naming rights are a financial transaction and form of advertising or memorialization whereby a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event, typically for a defined period of t ...
for the Scotiabank Centre was signed for ten years, with annual fees of $650,000 for said rights. The facility official opened its doors as the rebranded Scotiabank Centre on September 19, 2014. On August 29, 2017, Scotiabank and Maple Leaf Sports & Entertainment, announced that Scotiabank purchased the naming rights to the Air Canada Centre for $800 million. The multi-sport complex was renamed July 1, 2018, as '' Scotiabank Arena''. From 2006 through 2013, Scotiabank held the naming rights to the arena of the
Ottawa Senators The Ottawa Senators (french: Sénateurs d'Ottawa), officially the Ottawa Senators Hockey Club and colloquially known as the Sens, are a professional ice hockey team based in Ottawa. They compete in the National Hockey League (NHL) as a member ...
, branding it
Scotiabank Place Canadian Tire Centre (french: links=no, Centre Canadian Tire) is a multi-purpose indoor arena in Ottawa, Ontario, Canada, located in the western suburb of Stittsville. It opened in January 1996 as the Palladium and was also known as Corel Cent ...
. Canadian Tire took over the naming rights for the Senators' arena in June 2013.


Culture

Scotiabank has been a title sponsor for a number of cultural events and institutions in Canada. In 2005, Scotiabank became title sponsor of the Giller Prize. From 2006 to 2015, Scotiabank was the title sponsor for the Nuit Blanche event in Toronto. In 2008, Scotiabank announced a two-year sponsorship of Toronto's Caribana which would be rebranded as Scotiabank Caribbean Carnival Toronto. The sponsorship of the Caribbean festival was extended until 2015, when the partnership with the festival ended. In 2016 Scotiabank held its first hackathon with the goal of solving Canadian debt. Scotiabank and Canadian theatre operator Cineplex Entertainment partnered in 2007 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 a debit card which gives them points when used, and a Visa credit card was launched in early May. Five Cineplex Entertainment locations were also rebranded as "Scotiabank Theatres." In 2015, the two companies announced they extended the partnership through October 31, 2025, and would expand naming rebrand another five theatres as Scotiabank Theatres. On December 14, 2021, the new Scene+ program was launched. It merged Scene and Scotia Rewards points. Scotiabank is also the title sponsor for two post-secondary facilities in Canada, including Scotiabank Hall at
Brock University Brock University is a public research university in St. Catharines, Ontario, Canada. It is the only university in Canada in a UNESCO Biosphere Reserve, at the centre of Canada's Niagara Peninsula on the Niagara Escarpment. The university bea ...
in
St. Catharines St. Catharines is the largest city in Canada's Niagara Region and the sixth largest urban area in the province of Ontario. As of 2016, it has an area of , 136,803 residents, and a metropolitan population of 406,074. It lies in Southern Ontario ...
; and Scotiabank Hall in the Marion McCain Arts and Social Sciences Building at
Dalhousie University Dalhousie University (commonly known as Dal) is a large public research university in Nova Scotia, Canada, with three campuses in Halifax, a fourth in Bible Hill, and a second medical school campus in Saint John, New Brunswick. Dalhousie offer ...
in Halifax. Scotiabank has also established an industry partnership with the University of Waterloo Stratford Campus.


Awards

* 2005 – "Bank of the Year" – For
Mexico Mexico ( Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guate ...
, the Caribbean and in
Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of Hispan ...
by LatinFinance. * 2007 – "Bank of the Year" ''The Banker'' – London England, Scotiabank Trinidad and Tobago, Scotiabank Belize, Scotiabank Turks and Caicos * 2008 – "Bank of the Year" ''The Banker'' - London England, Scotiabank Barbados, Scotiabank Trinidad and Tobago, Scotiabank Guyana, Scotiabank Turks and Caicos * 2009 – "Bank of the Year" ''The Banker'' – London England, Scotiabank Canada, Scotiabank Barbados, Scotiabank Dominican Republic, Scotiabank Trinidad and Tobago, Scotiabank Turks and Caicos * 2010 – "Bank of the Year" '' The Banker'' – London England, Scotiabank Barbados, Scotiabank Trinidad and Tobago, Scotiabank Turks and Caicos * 2011 – "Best Emerging Market Bank" ''Global Finance'' Magazine – New York, Scotiabank Jamaica, Scotiabank Barbados, Scotiabank Costa Rica, Scotiabank Turks and Caicos. * 2012 - "Global Bank of the Year" ''The Banker'' "Bank of the Year" for the Americas, Antigua, Barbados, Belize, British Virgin Islands, Canada and Turks and Caicos. * 2013 – "Bank of the Year" in British Virgin Islands, Canada, Guyana, Jamaica and Trinidad and Tobago by ''The Banker''. * 2014 – "Best Emerging Market Bank in Latin America" ''Global Finance'' Magazine in Jamaica, Barbados, Trinidad & Tobago, Turks and Caicos and U.S. Virgin Islands.


Controversies


Fraud in Mexico

A 2001 investigation into the murder of Maru Oropesa, a Scotiabank branch manager in Mexico City revealed US$14 million missing from the branch. Initially, investigators found that Oropesa and Jaime Ross, her former boss, had illegally transferred US$5 million from client investment accounts. The money was eventually transferred to the United States where it was used to purchase three aircraft. As the investigation continued, officials found an additional $9 million missing and involvement of 16 other bank employees in the fraud. Ross was convicted of fraud and money laundering for his role and sentenced to 15 years. Scotiabank terminated the other 16 employees, but did not prosecute them.


Unpaid overtime lawsuit

In 2014, the bank reached a settlement in a class-action lawsuit that covered thousands of workers owed more than a decade of unpaid overtime. The lawsuit included 16,000 Scotiabank employees across Canada who worked as personal banking officers, senior personal banking officers, financial advisors, and small business account managers from January 1, 2000, to December 1, 2013. The 2007 lawsuit was similar to a class-action filed by Canadian Imperial Bank of Commerce (CIBC) bank teller Dara Fresco of Toronto. Under terms of the settlement, employees received 1.5 times their standard wage at the time, but no interest. Scotiabank also paid legal fees of $10.45 million.


Wrongful dismissal lawsuit

In June 2005, David Berry, a very successful Canadian Scotiabank trader who had built a $75 million/year business in trading preferred shares, was fired on the grounds that he had committed securities regulatory violations. At the time, as part of a 20 per cent direct drive deal, he was making more than double the CEO's salary and Scotiabank management had already taken steps to limit his compensation. The regulatory violation allegations from his former employer, left him unemployable to Scotiabank's competitors despite the appeal of potentially adding more than $75 million/year to their equity trading profits. Documents delivered to the media showing that Scotiabank management had sought advice on terminating Berry prior to the
Investment Industry Regulatory Organization of Canada The Investment Industry Regulatory Organization of Canada (IIROC; ''Organisme canadien de réglementation du commerce des valeurs mobilières'' or ''OCRCVM'' in French) is a non-profit, national self-regulatory organization (SRO). Established thro ...
(IIROC) violation accusation, and the results of questioning during the IIROC inquiries strongly suggest that the securities charges were part of a plan by Scotiabank senior management to remove Berry from his position and simultaneously prevent him from becoming their competitor. In a ruling on January 15, 2013, more than seven years after the initial accusation, a hearing panel of the IIROC dismissed all charges against Berry. David Berry filed a $100 million wrongful dismissal lawsuit against Scotiabank. As of January 2015, and nine years after Berry was terminated, Scotiabank settled with Berry for an undisclosed amount. Barry Critchley, who followed the story since its beginning, wrote an article on November 6, 2014, in which he believes Scotiabank's $55 million reported legal charges would likely be connected to the $100 million lawsuit; but it is unlikely to ever be known.


Membership

Scotiabank 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 the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM cards or check cards at certain other banks within the Global ATM Alliance without fees when traveling internationally. Other participating banks are
Barclays Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces ...
(United Kingdom),
Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...
(United States),
BNP Paribas BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the gro ...
(France and
Ukraine Ukraine ( uk, Україна, Ukraïna, ) is a country in Eastern Europe. It is the second-largest European country after Russia, which it borders to the east and northeast. Ukraine covers approximately . Prior to the ongoing Russian invas ...
through
UkrSibbank UKRSIBBANK BNP Paribas Group is a commercial bank based in Ukraine. UKRSIBBANK has been operating in the Ukrainian market since 1990. It operates network of 260 branches and 1000 ATMs throughout Ukraine, for 2 million customers all around Ukraine ...
),
Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
(Germany), and Westpac (Australia and New Zealand). Other international associations the bank is a member of includes: * Amex in Canadian markets * CarIFS ATM Network * Global ATM Alliance * Interac *
MAGNA Rewards Magna may refer to: Companies * Magna (bicycle company) * Magna Corporation, an American public company * Magna Entertainment Corp., gaming and horse racing company * Magna Home Entertainment, entertainment distributor also known as Magna Paci ...
as part of the Scotiabank MAGNA MasterCard. * MasterCard in the Caribbean markets *
MultiLink Network Multilink may refer to: *Multi-link suspension, a type of vehicle suspension design * Multilink PPP, a type of communications protocol * Multilink Procedure *Multilink striping Multilink striping is a type of data striping used in telecommunicati ...
ATM network * NYCE ATM Network * Plus Network for VISA card users * VISA International


See also

* Big Five (banks) * List of largest banks * List of banks and credit unions in Canada * List of banks in the Americas * Scotia * Scotia Place * Scotia Plaza *
ScotiaLife Financial ScotiaLife Financial is a Canadian insurance subsidiary of Scotiabank (also known as Bank of Nova Scotia){{Citation needed, reason=This could be a scam insuraance, date=December 2017. Through this brand, Scotiabank Group markets commercial insuranc ...
* Scottish-Canadian * Scotiabank Arena * Scotiabank Centre * Scotiabank Saddledome *
John P. Webster John Phillip Webster is a Canadian bank executive with The Bank of Nova Scotia (Scotiabank), serving as President & CEO of the Scotia Mortgage Authority. He formerly served as the President & CEO of Maple Trust, who were acquired by Scotiabank in 20 ...


References


Further reading

*Bank of Nova Scotia. 1932. ''The Bank of Nova Scotia, 1832–1932''. Halifax: Bank of Nova Scotia. *''The Scotiabank Story: A History of the Bank of Nova Scotia'', 1832–1982. by Joseph Schull


External links

*
Archival papers of Gilbert Edward Jackson, the first economist for The Bank of Nova Scotia (1926–1935), are held at the University of Toronto Archives and Records Management Services
{{Authority control Companies listed on the New York Stock Exchange Companies listed on the Toronto Stock Exchange Banks of Canada Canadian brands Companies based in Toronto S&P/TSX 60 Banks of the Caribbean Banks established in 1832 1832 establishments in Nova Scotia Mortgage lenders of Canada Banks of Puerto Rico Multinational companies headquartered in Canada Canadian companies established in 1832