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Bank of Nova Scotia
Trading nameScotiabank
TypePublic company
Traded asTSXBNS
S&P/TSX 60 component
IndustryFinancial services
Halifax, Nova Scotia
HeadquartersToronto, Ontario[1]
Key peopleBrian J. Porter (President and CEO)
Sean McGuckin (CFO)
Revenue$5.7 billion CAD (May, 2014)
Net incomeIncrease $1.8 billion CAD (May, 2014)
Total assets$791.8 billion CAD (May, 2014)
Employeesmore than 83,000
SubsidiariesTangerine Bank
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Bank of Nova Scotia
Trading nameScotiabank
TypePublic company
Traded asTSXBNS
S&P/TSX 60 component
IndustryFinancial services
Halifax, Nova Scotia
HeadquartersToronto, Ontario[1]
Key peopleBrian J. Porter (President and CEO)
Sean McGuckin (CFO)
Revenue$5.7 billion CAD (May, 2014)
Net incomeIncrease $1.8 billion CAD (May, 2014)
Total assets$791.8 billion CAD (May, 2014)
Employeesmore than 83,000
SubsidiariesTangerine Bank

The Bank of Nova Scotia (French: Banque de la Nouvelle-Écosse), commonly known as Scotiabank (French: Banque Scotia), is the third largest bank in Canada by deposits and market capitalization. It serves more than 21 million customers in over 55 countries around the world and offers a broad range of products and services including personal and commercial banking, wealth management, corporate and investment banking. With assets of $791.8 billion, Scotiabank shares trade on the Toronto and New York stock exchanges.

The bank was incorporated by the Legislative Assembly of Nova Scotia on March 30, 1832, in Halifax, Nova Scotia, with William Lawson (1772–1848) serving as the first president.[2] The bank moved its executive offices to Toronto, Ontario, in March 1900.[3][4] 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 India. It is a member of the London Bullion Market Association and one of four banks that participates in the London gold fixing.

BNS Institution Number (or bank number) is 002. The company ranked at number 41 on the SNL Financial World's 100 biggest banks listing, September 2013[5] and is under the leadership of President and CEO Brian J. Porter.

History and expansion[edit]

View of a Scotiabank facade in Amherst, Nova Scotia. This structure was erected in 1907.

The 19th century[edit]

Scotiabank was founded in Halifax, Nova Scotia, in 1832 under the name of the Bank of Nova Scotia. The bank's vision was to facilitate the trans-Atlantic trade of the time.[6] Later, in 1883, Bank of Nova Scotia acquired The Union Bank of Prince Edward Island,[7] 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 until 1882, when the bank moved west by opening a branch in Winnipeg, Manitoba. The Manitoba branch later closed but the bank continued to expand into the American Midwest. This included opening a branch in Minneapolis 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,[2]

In 1899, the bank opened a branch in Boston, Massachusetts.

In the meantime, 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 opened outside of the United States or the United Kingdom.[6][7] By the end of the 19th century, the bank was represented in all of the Maritimes, Quebec, Ontario and Manitoba.

In 1900, the bank's headquarters were moved to Toronto, Ontario.[7]

The 20th and 21st century[edit]

William D. Lawrence (ship) carved into the Bank of Nova Scotia Building, Hollis Street, Halifax, Nova Scotia.

The bank continued to expand in the 20th century, although its growth now took the form of acquisitions rather than branch openings.

In its early expansion, the bank clearly followed trade and its customers' businesses 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 cards or check cards at certain other banks within the Global ATM Alliance without fees when traveling internationally. Other participating banks are Barclays (United Kingdom), Bank of America (United States), BNP Paribas (France and Ukraine through UkrSibbank), Deutsche Bank (Germany), and Westpac (Australia and New Zealand).[8]

Portfolio evolution[edit]

Throughout the 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. A short list follows:[7]

Mergers and acquisitions[edit]

The bank has amalgamated with several other Canadian financial institutions through the years, and purchased several other banks overseas:[4][9]

BankYear establishedYear of amalgamation
Canada Union Bank of PEI
Canada Summerside Bank
Canada Bank of New Brunswick
Canada Metropolitan Bank of Canada
Canada The Bank of Ottawa
Canada Montreal Trust
Canada National Trust
Mexico Inverlat
1992 Scotiabank buys 5% stake
Canada National Bank of Greece (Canada)
Peru Banco Wiesse Sudameris
Dominican Republic Banco Intercontinental
Peru Banco Sudamericano
1997 Scotiabank acquires 25% of Peru’s Banco Sudamericano
Canada E*TRADE Canada
Canada DundeeWealth
Canada ING Direct Canada

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


David Berry $100M wrongful dismissal lawsuit[edit]

In June 2005, David Berry, a very successful Canadian Scotiabank trader who had built a $75M/tear business in trading preferred shares was fired on the grounds that he had committed securities regulatory violations.[10]

At the time, as part of a 20% direct drive deal, he was making more than double the CEO's salary and Scotiabank management had already taken steps to limit his compensation.[11]

The regulatory violation allegations from his former employer, left him unemployable to Scotia's competitors despite the appeal of potentially adding more than $75M/year to their equity trading profits.[11]

Documents delivered to the media showing that Scotia management had sought advice on terminating Berry prior to the Investment Industry Regulatory Organization of Canada (IIROC) violation accusation, and the results of questioning during the IIROC inquiries strongly suggest that the securities charges were part of a clever plan by Scotiabank senior management to remove Berry from his position and simultaneously prevent him from becoming their competitor.[12]

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.[13][14]

David Berry has a filed a $100M wrongful dismissal lawsuit against Scotiabank. The matter is ongoing. [15]

Operating units[edit]

Scotia Plaza, Scotiabank World Headquarters in Toronto, Ontario, Canada

Scotiabank has four business lines: [16]

As of 2013, Scotiabank services more than 21 million customers and has over $791.8 billion in assets. The bank employs more than 83,000 employees all over the globe including: Europe, Asia, Latin America and the Caribbean. Scotiabank is Canada's most international bank with 3,321 branches and offices in over 55 countries.

Corporate sponsorship and branding[edit]



Corporate Social Responsibility[edit]

The Scotiabank Bright Future program is the bank's global philanthropic vision. The bank's multinational reach has provided a unique opportunity to help people around the world through corporate giving and employee-volunteer programs that span across six pillars: education, health care, social services, arts and culture, sports and environment.

In 2013, the bank contributed $62 million in donations and sponsorships to community causes around the world. Scotiabank's employees spent 424,000 hours in 2013 volunteering and fundraising through formal community programs.

Scotiabank's corporate social responsibility EcoLiving program, encourages and facilitates environmentally preferable construction and renovation of homes. The company also has internal programs related to environmental responsibility and ethical financial and lending practices.[23]

Recent events[edit]

Scotiabank has a strong presence in Thailand through its 49% owned affiliate Thanachart Bank. With the recent acquisition of Siam City Bank, Thanachart Bank is now the 5th largest bank in Thailand with over 16,000 staff serving almost 4 million customers through 680 branches and 2,100 ATMs across the country.



Scotiabank has unionized relationships with employees in a number of locations around the world.[32] In Canada, the sole unionized workplace is the domestic banking branch in Deep River, Ontario.

Credit agency ratings[edit]

Senior Debt Credit Ratings (May, 2014)
Standard & Poor’sA+Stable


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:


Branch and office locations[edit]




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

See also[edit]


  1. ^ "Mail Us". Scotiabank. Retrieved December 4, 2010. 
  2. ^ a b c d e Pound, Richard W. (2005). Fitzhenry and Whiteside Book of Canadian Facts and Dates. Fitzhenry and Whiteside. ISBN 978-1554550098. 
  3. ^ Toronto Star, May 3, 1904 p. 12.
  4. ^ a b "The Scotiabank Story". 2010. Retrieved 2013-10-13. 
  5. ^ "Largest 100 banks in the world". SNL. Retrieved 2014-04-30. 
  6. ^ a b – The Scotiabank Story accessed on July 23, 2008
  7. ^ a b c d e f g h i The Bank of Nova Scotia – Company History, accessed on July 13, 2011.
  8. ^ "Scotiabank – Global ATM Alliance", Accessed May 5, 2010.
  9. ^ Deborah C. Sawyer. "Bank of Nova Scotia Canadian Encyclopedia". Retrieved March 10, 2011. 
  10. ^ "In defence of David Berry". The National Post. 13 July 2005. 
  11. ^ a b "The Trader's Revenge". Toronto Life. 26 May 2008. 
  12. ^ "Scotiabank explored fallout of cutting star trader’s $15M pay months before he was fired, documents suggest". Financial Post. 19 Oct 2012. 
  13. ^ "IN THE MATTER OF David Berry – Discipline Decision". Investment Industry Regulatory Organization of Canada. 17 Jan 2013. 
  14. ^ "Former top Scotiabank trader cleared of allegations that led to his $100M wrongful dismissal lawsuit". Financial Post. 16 Jan 2013. 
  15. ^ "Former trader sues Bank of Nova Scotia". The Globe and Mail. 17 Jan 2013. 
  16. ^ "Corporate Profile | Scotiabank". Scotiabank. Retrieved 1 October 2013. 
  17. ^ "Canada Running Series". Canada Running Series. Retrieved March 10, 2011. 
  18. ^ "Official Bank of the NHL and NHLPA". Scotiabank. Retrieved March 10, 2011. 
  19. ^ "Article 46(2) of the Collective Labour Agreement acknowledges that there will be strikes". Stabroek News. January 6, 2010. Retrieved March 10, 2011. 
  20. ^ "Industry Partnerships". University of Waterloo. Retrieved 24 April 2014. 
  21. ^ "SCENE website". Retrieved March 10, 2011. 
  22. ^ Scotiabank Caribana Partnership Extension
  23. ^ "Corporate Responsibility | Scotiabank". Scotiabank. Retrieved 20 November 2012. 
  24. ^ Pasternak, Sean (October 20, 2011). "Scotiabank Buys Colpatria in Biggest International Purchase". Bloomberg Markets. Retrieved October 22, 2011. 
  25. ^ "Scotiabank to buy ING Bank of Canada for $3.13 billion in cash". The Canadian Press. 
  26. ^ "ING completes sale of ING Direct Canada". Reuters. November 15, 2012. 
  27. ^ "Advocate". Retrieved March 10, 2011. 
  28. ^ "Global Finance names the 2011 World's Best Emerging Market Banks in Latin America". Retrieved 2014-01-03. 
  29. ^ "The Banker Awards 2012 - Global and regional winners". Retrieved 2013-07-08. 
  30. ^ "Scotiabank Named Bank of the Year in Canada and Multiple Countries by The Banker Magazine". November 29, 2013. Retrieved 2014-01-03. 
  31. ^ "World's Best Emerging Markets Banks in Latin America 2014". Retrieved 2014-04-30. 
  32. ^ "T43536-CSR05_1-10" (PDF). Retrieved March 10, 2011. 
  33. ^ "". Retrieved March 10, 2011. 
  34. ^

External links[edit]