Scotiabank


Scotiabank

Infobox_Company
company_name = The Bank of Nova Scotia
company_
company_type = Public company
foundation = , 1832
location =
[Domicile] = Halifax, Nova Scotia, Canada
key_people = Richard E. Waugh - President & CEO
industry = Bank
products = Financial services
assets = 455 Billion CAD (Apr 30, 2008)
revenue =profit 13.0 Billion CAD (2007)
net_income =profit 4.0 Billion CAD (2007)
num_employees = 62,143
market c
cite web |url=http://zenobank.com/index.php?symbol=BNS&page=quotesearch|title=Company Profile for The Bank of Nova Scotia (BNS) |accessdate=2008-10-07]
homepage = http://www.scotiabank.com/

Scotiabank "(Banque Scotia)" (tsx|BNS nyse|BNS), the trademark name for The Bank of Nova Scotia, is one of Canada's Big Five banks. It is the second largest bank in Canada by assets (behind the Royal Bank of Canada), and the second largest by market capitalization (also 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. [ [http://www.forbes.com/lists/2008/18/biz_2000global08_The-Global-2000_Rank.html 2008 edition] ]

History

Founded in Halifax, Nova Scotia in 1832, under the name of the Bank of Nova Scotia, to facilitate the trans-Atlantic trade of the time. [http://www.scotiabank.com/cda/content/0,1608,CID851_LIDen,00.html Scotiabank.com - The Scotiabank Story] Accessed July 23, 2008] 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 in 1885 and Chicago in 1892.

Scotiabank also operates locations throughout Mexico, after the purchase of the Mexican bank 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.

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 - such as the trade of sugar, rum, and fish in Jamaica - 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). [ [http://www.atmmarketplace.com/article.php?id=1886 "Five big banks form Global ATM Alliance"] , ATMmarketplace.com. January 9, 2002. Accessed June 22, 2007.]

Mergers

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

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 1009 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. Scotia Waterous is the well-regarded M&A division that operates exclusively within the oil & gas industry.

* 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.

As of 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. [http://www.scotiabank.com/images/en/filesaboutscotia/14734.pdf]

Corporate sponsorship and branding

ports

*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). [ [http://www.canadarunningseries.com/crs/index.htm Canada Running Series] ]

*As of October 2007, Scotiabank became a sponsor of CBC Television's "Hockey Night in Canada", and the title sponsor of its pregame show, "Scotiabank Hockey Tonight". [ [http://ottawasun.canoe.ca/Money/2007/10/03/4548089.html ottawasun.com - Money - Scotiabank signs deal with NHL ] ]

*Scotiabank also is currently the Official Bank of the National Hockey League and National Hockey League Players' Association. [ [http://www.scotiabank.com/cda/content/0,1608,CID11841_LIDen,00.html Scotiabank - Official Bank of the NHL and NHLPA ] ]

*Currently has the naming rights to the arena of the Ottawa Senators, branding 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 [http://www.cricketworldcup.com/Venues1.html stadia and venues] across the Caribbean (and Guyana in South America) are to become outfited with Scotiabank automated banking machines. [http://www.stabroeknews.com/index.pl/article?id=56505500]

*Since 2005, Scotiabank has 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.

*Since 2008, Scotiabank has been the official team sponsor of Canadian Cricket Team and the title sponsor of National T20 Championship in Canada.

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". [ [http://www.scene.ca SCENE Website] ]

*For 2007 and 2008, Scotiabank has been the title sponsor of the Scotiabank Nuit Blanche event in Toronto. [http://www.scotiabanknuitblanche.ca/]

*Title sponsor, Scotiabank Giller Prize. [http://www.scotiabankgillerprize.ca/home.htm]

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

Recent 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 do not lead) protests in Oaxaca claimed responsibility. [ [http://www.iht.com/articles/ap/2006/11/07/america/LA_GEN_Mexico_Explosions.php Leftist rebels claim responsibility for Mexico City blasts; demand Oaxaca governor resign - iht,america,Mexico Explosions, 11th Ld-Writethru - Americas - International Herald ... ] ]
*In December, 2006 Scotiabank announced it successfully acquired majority control of the fourth largest Jamaica-based Securities dealer [http://www.jamstockex.com/controller.php?action=individual_member&id=3 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. [http://www.jamaicaobserver.com/magazines/Business/html/20061214T210000-0500_116683_OBS_SCOTIABANK_OFFICIALLY_TAKES_OVER_DB_G_.asp] [http://www.jamaicaobserver.com/magazines/Business/html/20061212T190000-0500_116573_OBS_SOME_DB_G_SHAREHOLDERS_STILL_AWAITING_PAYMENT_FROM_BNS.asp] [ [http://www.trinidadexpress.com/index.pl/article?id=161055264 Trinidad News, Trinidad Newspaper, Trinidad Sports, Trinidad politics, Trinidad and Tobago, Tobago News, Trinidad classifieds, Trinidad TV, Sports, Business ] ] [ [http://www.trinidadexpress.com/index.pl/article?id=161069916 Trinidad News, Trinidad Newspaper, Trinidad Sports, Trinidad politics, Trinidad and Tobago, Tobago News, Trinidad classifieds, Trinidad TV, Sports, Business ] ]
*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.
*In July 2008, E*TRADE sold its Canadian division to Scotiabank for CAN$444 million, as part of a program of selling off non-core assets. [ [http://uk.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUKN1447063220080714 Reuters] , Accessed July 22, 2008] [ [http://micro.newswire.ca/release.cgi?rkey=1607144216&view=85223-0&Start=0 Scotiabank Press Release] , Accessed July 23, 2008]

Awards

* 2005 - "Bank of the Year" - For Mexico, the Caribbean and in Jamaica by LatinFinance [ [http://www.barbadosadvocate.com/NewViewNewsleft.cfm?Record=23355 Advocate ] ] .

Corporate governance

Current members of the board of directors of Scotiabank are: [ [http://www.scotiabank.com/cda/content/0,1608,CID8432_LIDen,00.html Scotiabank.com - Board of Directors] , Accessed July 23, 2008] Ronald A. Brenneman, C.J. Chen, N. Ashleigh Everett, John Kerr, Michael Kirby, Laurent Lemaire, John T. Mayberry, Thomas O’Neill, Elizabeth Parr-Johnston, Alexis Rovzar de la Torre, Indira Samarasekera, Arthur Scace, Allan Shaw, Paul Sobey, Barbara Thomas, and Richard E. Waugh.

Former members of the board include: Peter Godsoe (former President and CEO of Scotiabank) and Cedric Ritchie (Former Chairman).

Executive Officers

Current members of the Executive Management Team are: [ [http://www.scotiabank.com/cda/content/0,1608,CID8453_LIDen,00.html Scotiabank.com - Executive Management] , Accessed July 23, 2008]
*Richard E. Waugh, President and Chief Executive Officer.
*Sarabjit (Sabi) S. Marwah, Vice-Chairman and Chief Administrative Officer.
*Robert L. Brooks, Vice-Chairman and Group Treasurer.
*Deborah M. Alexander, Executive Vice-President, General Counsel and Secretary.
*Alberta G. Cefis, Executive Vice-President and Group Head, Global Transaction Banking.
*Sylvia D. Chrominska, Executive Vice-President, Human Resources and Public, Corporate and Government Affairs.
*Mike Durland, Co-Chairman and Co-Chief Executive Officer, Scotia Capital and Head, Global Capital Markets.
*Wendy Hannam, Executive Vice-President, Domestic Personal Banking and Distribution.
*Timothy P. Hayward, Executive Vice-President and Chief Administrative Officer International Banking.
*Jeffrey C. Heath, Executive Vice-President & Group Treasurer.
*Robin S. Hibberd, Executive Vice-President, Domestic Personal Lending & Insurance.
*Christopher J. Hodgson, Executive Vice-President, Head of Domestic Personal Banking.
*Dieter W. Jentsch, Executive Vice-President, Domestic Commercial Banking.
*Barb Mason, Executive Vice-President, Wealth Management.
*Stephen D. McDonald, Co-Chairman and Co-CEO, Scotia Capital and Head, Global Corporate and Investment Banking.
*Kim B. McKenzie, Executive Vice-President, Information Technology and Solutions.
*Robert H. Pitfield, Executive Vice-President International Banking.
*Brian J. Porter, Executive Vice-President and Chief Risk Officer.
*Luc A. Vanneste, Executive Vice-President and Chief Financial Officer.
*Anatol von Hahn, Executive Vice-President, Latin America.

Unionization

Scotiabank has unionized relationships with employees in a number of locations around the world. [ [http://www.scotiabank.com/images/en/filesaboutscotia/13001.pdf T43536-CSR05_1-10 ] ] 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 [http://www.fastforward.tt/ICT_resources/article.aspx?id=5066]
* MultiLink Network ATM network [http://www.multilinkdebit.com/]
* MAGNA Rewards as part of the Scotiabank MAGNA MasterCard.
* Global ATM Alliance

ources

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

ee also

* List of banks in Canada
* Scotia
* Scottish-Canadian
* Scotia Plaza
* Scotiabank Place
* Scotia Place

References

External links

*Official Sites:
** [http://www.scotiabank.com/ Scotiabank Website]
** [http://www.scotiabank.com/cda/content/0,1608,CID7148_LIDen,00.html Scotiabank Annual Reports]
** [http://www.scotiabank.com/cda/content/0,1608,CID793_LIDen,00.html Montreal Trust Company of Canada and National Trust]
** [http://www.scotiabank.com/cda/content/0,1608,CID788_LIDen,00.html Scotiabank Mortgage Corp]
** [http://www.scotiabank.com/cda/content/0,1608,CID821_LIDen,00.html Scotiabank Corporate Profile]
** [http://www.scotiabank.com/cda/content/0,1608,CID598_LIDen,00.html ScotiaMcLeod Direct Investing (Self-Managed Brokerage)]
** [http://www.scotiabank.com/cda/content/0,1608,CID603_LIDen,00.html ScotiaMcLeod (Full-Service Brokerage)]
** [http://www.scotiabank.com/cda/content/0,1608,CID4961_LIDen,00.html Scotia Private Client Group]
*Other Sites:
** [http://biz.yahoo.com/ic/96/96860.html Yahoo! - The Bank of Nova Scotia Company Profile]
** [http://www.globeinvestor.com/servlet/Page/document/v5/data/stock?id=BNS-T&pi_sponsor= Globe Investor - The Bank of Nova Scotia] (TSX)
** [http://finance.google.com/finance?client=ob&q=NYSE:BNS Google Finance - The Bank of Nova Scotia] (NYSE)


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