Scotiabank - AbsoluteAstronomy.com

The Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization

Market capitalization

Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...

. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $567 billion (as at July 31, 2011), Scotiabank trades on the Toronto (Toronto:BNS.TO) and New York Exchanges (Toronto:BNS.TO).

The bank was incorpoated by the Nova Scotia Legislative Assembly on Mar 30, 1831 in Halifax, Nova Scotia with William Lawson

William Lawson (banker)

William Lawson was a businessman, office holder, justice of the peace, and politician. He was born in Halifax, Nova Scotia, Canada, and was the son of John Lawson and Sarah Shatford.-Business and public career:...

(1772–1848) serving as the first president.. The bank moved its executive offices to Toronto, Ontario in March 1900. Scotiabank has billed itself as "Canada's International Bank" due to its acquisitions primarily in Latin America and the Caribbean, but also in Europe and India as well. BNS Institution Number (or bank number) is 002.

The company ranked at number 92 on the Forbes Global 2000

Forbes Global 2000

The Forbes Global 2000 is an annual ranking of the top 2000 public companies in the world by Forbes magazine. The ranking is based on a mix of four metrics: sales, profit, assets and market value...

listing in 2008 and is currently under the leadership of Richard E. Waugh

Richard E. Waugh

Richard E. Waugh , born in Winnipeg, Manitoba, is a Canadian banking executive. He is currently the President and Chief Executive Officer of Scotiabank. In 2007, he was appointed by government officials to offer views at the summit talks regarding business prospects in Latin America. He holds an...

who serves both in the capacity of President and CEO.

History and Expansion

The 19th century

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. Later, in 1833, 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

Branch (banking)

A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....

by opening in Windsor

Windsor, Nova Scotia

Windsor is a town located in Hants County, Mainland Nova Scotia at the junction of the Avon and St. Croix Rivers. It is the largest community in western Hants County with a 2001 population of 3,779 and was at one time the shire town of the county. The region encompassing present day Windsor was...

, 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 Bank continued to expand into the American Midwest

Midwestern United States

The Midwestern United States is one of the four U.S. geographic regions defined by the United States Census Bureau, providing an official definition of the American Midwest....

. This included opening a branch in Minneapolis in 1885 which later transferred to Chicago in 1892. Following the collapse of the Newfoundland Bank of Commerce and Union Bank of Newfoundland on Dec 10, 1894; the Bank of Nova Scotia established on Jan 31, 1895, in Newfoundland

Newfoundland and Labrador

Newfoundland and Labrador is the easternmost province of Canada. Situated in the country's Atlantic region, it incorporates the island of Newfoundland and mainland Labrador with a combined area of . As of April 2011, the province's estimated population is 508,400...

,

In 1899, the Bank opens a branch in Boston, Massachusetts.

In the meantime, the Bank opened a branch in Kingston, Jamaica

Kingston, Jamaica

Kingston is the capital and largest city of Jamaica, located on the southeastern coast of the island. It faces a natural harbour protected by the Palisadoes, a long sand spit which connects the town of Port Royal and the Norman Manley International Airport to the rest of the island...

in 1889 to facilitate the trading of sugar, rum

Rum

Rum is a distilled alcoholic beverage made from sugarcane by-products such as molasses, or directly from sugarcane juice, by a process of fermentation and distillation. The distillate, a clear liquid, is then usually aged in oak barrels...

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. By the end of the 19th century, the Bank was represented in all of the Maritime Provinces, Quebec, Ontario

Ontario

Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....

and Manitoba

Manitoba

Manitoba is a Canadian prairie province with an area of . The province has over 110,000 lakes and has a largely continental climate because of its flat topography. Agriculture, mostly concentrated in the fertile southern and western parts of the province, is vital to the province's economy; other...

.

In 1900, the Bank's headquarters were moved to Toronto, Ontario.

The 20th century

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

1906 – The Bank opened a branch in Havana
Havana
Havana is the capital city, province, major port, and leading commercial centre of Cuba. The city proper has a population of 2.1 million inhabitants, and it spans a total of — making it the largest city in the Caribbean region, and the most populous...

, Cuba. By 1931, it had three branches in Havana, and one branch each in Camagüey
Camagüey
Camagüey is a city and municipality in central Cuba and is the nation's third largest city. It is the capital of the Camagüey Province.After almost continuous attacks from pirates the original city was moved inland in 1528.The new city was built with a confusing lay-out of winding alleys that made...

, Cienfuegos
Cienfuegos
Cienfuegos is a city on the southern coast of Cuba, capital of Cienfuegos Province. It is located about from Havana, and has a population of 150,000. The city is dubbed La Perla del Sur...

, Manzanillo
Manzanillo, Cuba
Manzanillo is a municipality and city in the Granma Province of Cuba.It is a port city in the Granma Province in eastern Cuba on the Gulf of Guacanayabo, near the delta of the Cauto River...

, and Santiago de Cuba
Santiago de Cuba
Santiago de Cuba is the second largest city of Cuba and capital city of Santiago de Cuba Province in the south-eastern area of the island, some south-east of the Cuban capital of Havana....

. The Bank is nationalized in 1959, becoming Banco Central de Cuba (Havana branch was changed to Banco Metropolitano – Metropolitan Bank – in 1996).
1907 – The Bank opened an agency in New York.
1910 – The Bank opened a branch in San Juan, Puerto Rico
San Juan, Puerto Rico
San Juan , officially Municipio de la Ciudad Capital San Juan Bautista , is the capital and most populous municipality in Puerto Rico, an unincorporated territory of the United States. As of the 2010 census, it had a population of 395,326 making it the 46th-largest city under the jurisdiction of...

, and later another one in Fajardo.
1912 – Bank of Nova Scotia merged with the Bank of New Brunswick
Bank of New Brunswick
The Bank of New Brunswick was established on March 25, 1820 in the pre-Confederation Province of New Brunswick, Canada as the first Canadian bank to operate under a charter. Headquartered in a new building on Prince William Street in Saint John in 1826, the neoclassical bank façade consisted of an...

.
1914 – Toronto-based Metropolitan Bank was acquired, making Scotiabank the fourth largest financial institution in Canada.
1919 – Bank of Ottawa
Bank of Ottawa
The Bank of Ottawa was established in Canada in 1874 by Ottawa Valley lumber pioneers. The Bank of Ottawa was of high importance in the city's banking scene for a number of years. James Maclaren presided over the Bank from 1874 until his death in 1892. James Mather served as a bank director from 1879...

was amalgamated.
1920 – The Bank opened a branch in London, UK and another one in Santo Domingo
Santo Domingo
Santo Domingo, known officially as Santo Domingo de Guzmán, is the capital and largest city in the Dominican Republic. Its metropolitan population was 2,084,852 in 2003, and estimated at 3,294,385 in 2010. The city is located on the Caribbean Sea, at the mouth of the Ozama River...

, Dominican Republic.
1960 – Fidel Castro
Fidel Castro
Fidel Alejandro Castro Ruz is a Cuban revolutionary and politician, having held the position of Prime Minister of Cuba from 1959 to 1976, and then President from 1976 to 2008. He also served as the First Secretary of the Communist Party of Cuba from the party's foundation in 1961 until 2011...

's cuban government purchased the Cuban branches of the Bank of Nova Scotia on December 1, 1960.
1962 – The Bank became the first Canadian Bank to appoint women bank managers on Jan 15, 1962.
1978 – The Bank and Canadian Union of Public Employees
Canadian Union of Public Employees
The Canadian Union of Public Employees is a Canadian trade union serving the public sector - although it has in recent years organized workplaces in the non-profit and para-public sector as well...

signed the first collective agreement between a Canadian bank and a union on Sept 28, 1978 in Toronto
1981 – The Bank expands into Asia with the opening of a branch in Japan.
2000 – Scotiabank's stake in Mexican bank Grupo Financiero Inverlat is increased to 55 percent. The Mexican bank is subsequently renamed to Grupo Financiero Scotiabank Inverlat.
2003 -The Bank's Guangzhou Branch was awarded the first licence to a Canadian bank by the Chinese government to deal in Chinese currency.
2003–2004 – The Bank acquired Inverlat banking house in Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...

, taking over all of its branches and establishing strong presence in the country.
2010 – The Bank arrived in Bogotá
Bogotá
Bogotá, Distrito Capital , from 1991 to 2000 called Santa Fé de Bogotá, is the capital, and largest city, of Colombia. It is also designated by the national constitution as the capital of the department of Cundinamarca, even though the city of Bogotá now comprises an independent Capital district...

, Colombia.

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

Global ATM Alliance

The Global ATM Alliance is a joint venture of several major international banks that allows customers of their banks to use their ATM card or debit card at another bank within the Global ATM Alliance with no International ATM Access fees. However, other fees, such as an international transaction or...

, a joint venture of several major international banks that allows customers of the banks to use their ATM

Automated teller machine

An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...

card or check card

Check card

The term check card can refer to:* An identification card issued by a retailer allowing the holder to tender payment by check. Such cards were commonly issued in the United States by supermarkets and other retailers before the widespread use of debit 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

Bank of America

Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...

(United States), BNP Paribas

BNP Paribas

BNP Paribas S.A. is a global banking group, headquartered in Paris, with its second global headquarters in London. In October 2010 BNP Paribas was ranked by Bloomberg and Forbes as the largest bank and largest company in the world by assets with over $3.1 trillion. It was formed through the merger...

(France and Ukraine

Ukraine

Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...

through UkrSibbank

UkrSibbank

«UkrSibbank» - full name Public joint-stock company “UkrSibbank”. It was registered on June 18, 1990. As of today, JSC «UkrSibbank» is the third largest bank of Ukraine, the second among foreign-owned banks, and acts as a financial supermarket....

), Deutsche Bank

Deutsche Bank

Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...

(Germany), and Westpac

Westpac

Westpac , is a multinational financial services, one of the Australian "big four" banks and the second-largest bank in New Zealand....

(Australia and New Zealand).

Portfolio evolution

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:

1954 – Passage of the National Housing Act
National Housing Act (Canada)
National Housing Act was passed by the Parliament of Canada in 1938 and was intended to promote the construction of new houses, the repair and modernization of existing houses, and the improvement of housing and living conditions. It was later amended in 1985 and 1999....

lead Scotiabank to create a mortgage department.
1958 – Changes to Bank Act of 1954 enabled Scotiabank to introduce a consumer credit program.
1987 – Scotia Securities is formed to provide discount brokerage and security underwriting services.
1988 – Brokerage firm McLeod Young Weir Ltd. is acquired.
1994 – Scotiabank acquires Montreal Trustco Inc.
1997 – National Trustco Inc. is acquired for C$1.25 billion.

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 Bank of New Brunswick The Bank of New Brunswick was established on March 25, 1820 in the pre-Confederation Province of New Brunswick, Canada as the first Canadian bank to operate under a charter. Headquartered in a new building on Prince William Street in Saint John in 1826, the neoclassical bank façade consisted of an...	1820	1913
Metropolitan Bank of Canada	1902	1914
The Bank of Ottawa Bank of Ottawa The Bank of Ottawa was established in Canada in 1874 by Ottawa Valley lumber pioneers. The Bank of Ottawa was of high importance in the city's banking scene for a number of years. James Maclaren presided over the Bank from 1874 until his death in 1892. James Mather served as a bank director from 1879...	1874	1919
Montreal Trust Montreal Trust Company Montreal Trust Company was formed in 1889 and 100 years later described itself as "one of Canada's largest trust companies." In 1994, Scotiabank acquired Montreal Trust....	1889	1994
National Trust	1898	1997
Inverlat (Mexico Mexico The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of... )	2002	2003
National Bank of Greece (Canada) National Bank of Greece The National Bank of Greece is the oldest and largest commercial banking group in Greece. The group has a particularly strong presence in Southeastern Europe and the Eastern Mediterranean...	1969	2005
Banco Wiesse Sudameris (Peru Peru Peru , officially the Republic of Peru , is a country in western South America. It is bordered on the north by Ecuador and Colombia, on the east by Brazil, on the southeast by Bolivia, on the south by Chile, and on the west by the Pacific Ocean.... )	1920	2007
Banco Sudamericano (Peru Peru Peru , officially the Republic of Peru , is a country in western South America. It is bordered on the north by Ecuador and Colombia, on the east by Brazil, on the southeast by Bolivia, on the south by Chile, and on the west by the Pacific Ocean.... )	1991	2007
E*TRADE Canada	1982	2008
DundeeWealth DundeeWealth DundeeWealth Inc. is a Canadian financial services company, formerly a public company and subsidiary of Dundee Corporation. Dundee Place is a 30-storey building at 1 Adelaide Street East, in the downtown Toronto financial district, and is home to DundeeWealth's head office.-Subsidiaries:*...	1998	2010

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:

Canadian Banking is the commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...

ing 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
Mortgage broker
A mortgage broker acts as an intermediary whose brokers mortgage loans on behalf of individuals or businesses.Traditionally, banks and other lending institutions have sold their own products. However as markets for mortgages have become more competitive, the role of the mortgage broker has become...

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 and was formerly known as McLeod Young Weir Co. & Ltd., a company started by four young entrepreneurs: Donald Ivan McLeod, William Ewart Young, James Gordon Weir, and John Henry Ratcliffe
John Henry Ratcliffe
John Henry Ratcliffe was one of the founders of McLeod Young Weir Co. & Ltd., which eventually became ScotiaMcLeod Inc. and is now a subdivision of Scotia Capital Incorporated and Scotiabank.Ratcliffe lived his later life in Toronto....

. 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 bank
Merchant bank
A merchant bank is a financial institution which provides capital to companies in the form of share ownership instead of loans. A merchant bank also provides advisory on corporate matters to the firms they lend to....

ing 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.

Scotiabank sells insurance products via its brand subsidiary – ScotiaLife Financial

ScotiaLife Financial

ScotiaLife Financial is a Canadian insurance subsidiary of Scotiabank . Through this brand, Scotiabank Group markets commercial insurance products to the general public, predominantly individuals and families...

. Most of the life insurance policies sold this way are underwritten by Scotia Life Insurance Company.

As of 2009, Scotiabank services over 12.5 million customers and has over $500 billion in assets. The bank employs over 69,000 employees all over the globe including: Europe, Asia, Latin America and the Caribbean. Scotiabank is Canada's most international bank with over 2,000 branches in some 50 countries. As in the past, in 2009 some of the top management at Scotiabank announced a plan that the Bank would once again play a part in general infrastructural development in the countries where it operates.

Sports

Scotiabank is now the title sponsor for the Jewish National Fund's "Pitch for Israel" event.
Scotiabank is now the title sponsor of Calgary
Calgary
Calgary is a city in the Province of Alberta, Canada. It is located in the south of the province, in an area of foothills and prairie, approximately east of the front ranges of the Canadian Rockies...

's Scotiabank Saddledome as of October 8, 2010
Scotiabank currently is the title sponsor for running events that are part of the Canada Running Series: Scotiabank Montreal 21k & 5k (April), Vancouver Half-Marathon & 5k Run/Walk (June) & Toronto Waterfront
Toronto waterfront
The Toronto waterfront is the lakeshore of Lake Ontario in the City of Toronto, Ontario in Canada. It spans 46 kilometres between the mouth of Etobicoke Creek in the west, and the Rouge River in the East. The entire lakeshore has been significantly altered from its natural glaciated state prior to...

Marathon, Half-Marathon & 5k (September) and the Scotiabank Bluenose Marathon. As well it is the title sponsor for the Scotiabank Calgary Marathon.
As of October 2007, Scotiabank became a sponsor of CBC Television
CBC Television
CBC Television is a Canadian television network owned by the Canadian Broadcasting Corporation, the national public broadcaster.Although the CBC is supported by public funding, the television network supplements this funding with commercial advertising revenue, in contrast to CBC Radio which are...

's Hockey Night in Canada
Hockey Night in Canada
Hockey Night in Canada is the branding used for CBC Sports' presentations of the National Hockey League...

, and the title sponsor of its Gemini award winning pregame show, Scotiabank Hockey Tonight.
Scotiabank also is currently the Official Bank of the National Hockey League
National Hockey League
The National Hockey League is an unincorporated not-for-profit association which operates a major professional ice hockey league of 30 franchised member clubs, of which 7 are currently located in Canada and 23 in the United States...

and National Hockey League Players' Association. And the official bank of the NHLPA, the NHL Alumni, the Canadian Women's Hockey League. Additionally, Scotiabank sponsors the Little NHL (native hockey league) and several girl's hockey festivals across Canada.
Currently has the naming rights to the arena of the Ottawa Senators
Ottawa Senators
The Ottawa Senators are a professional ice hockey team based in Ottawa, Ontario, Canada. They are members of the Northeast Division of the Eastern Conference of the National Hockey League...

, branding it Scotiabank Place
Scotiabank Place
Scotiabank Place is a multi-purpose arena, located in Kanata, a suburban district of Ottawa, Ontario. It is home to the Ottawa Senators of the National Hockey League. It has also hosted the Canadian University Men's Basketball Championship...

.
Scotiabank can be seen as a primary sponsor for Champion Boxer Miguel Cotto
Miguel Cotto
Miguel Ángel Cotto Vázquez is a Puerto Rican professional boxer and the reigning WBA light middleweight champion. He is the younger brother of contender Jose Miguel Cotto and cousin of Abner Cotto...

during his 2009 bout with Manny Pacquiao
In 2006 Scotiabank was awarded the title as the official bank for the ICC
International Cricket Council
The International Cricket Council is the international governing body of cricket. It was founded as the Imperial Cricket Conference in 1909 by representatives from England, Australia and South Africa, renamed the International Cricket Conference in 1965, and took up its current name in 1989.The...

's 2007 Cricket World Cup
2007 Cricket World Cup
The 2007 ICC Cricket World Cup was the ninth edition of the ICC Cricket World Cup tournament that took place in the West Indies from 13 March to 28 April 2007, using the sport's One Day International format...

. During the event, several stadia and venues across the Caribbean (and Guyana
Guyana
Guyana , officially the Co-operative Republic of Guyana, previously the colony of British Guiana, is a sovereign state on the northern coast of South America that is culturally part of the Anglophone Caribbean. Guyana was a former colony of the Dutch and of the British...

in South America) are to become outfited with Scotiabank automated banking machine
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...

s.
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. This is in addition to being the official financial services provider to the Canadian Football League
Canadian Football League
The Canadian Football League or CFL is a professional sports league located in Canada. The CFL is the highest level of competition in Canadian football, a form of gridiron football closely related to American football....

.
Since 2008, Scotiabank has been the official team sponsor of Canadian Cricket Team
Canadian cricket team
The Canada cricket team is the national cricket team representing Canada in men's international competition. It is run by Cricket Canada.While Canada is not sanctioned to play Test matches, the team does take part in One Day International matches and also in first-class games against other...

and the title sponsor of National T20 Championship in Canada.
In 2010, Scotiabank was a sponsor of the World Rally Championship's Corona Rally Mexico.

Culture

In 2007, Scotiabank and Cineplex Entertainment
Cineplex Entertainment
Cineplex Entertainment LP , is the largest film exhibitor in Canada and owns, leases or has a joint-venture interest in 130 theatres with 1,351 screens. Headquartered in Toronto, Canada, Cineplex operates theatres from British Columbia to Quebec...

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".
From 2007 to 2010, Scotiabank has been the title sponsor of the Scotiabank Nuit Blanche
Nuit Blanche
Nuit Blanche is an annual all-night or night-time arts festival. A Nuit Blanche will typically have museums, private and public art galleries, and other cultural institutions open and free of charge, with the centre of the city itself being turned into a de facto art gallery, providing space for...

event in Toronto. http://www.scotiabanknuitblanche.ca/
Title sponsor, Scotiabank Giller Prize.
Scotiabank Hall of Brock University
Brock University
Brock University is a comprehensive university located in St. Catharines, Ontario, Canada. Brock offers undergraduate, graduate and doctoral degree programs that include co-op and other experiential learning opportunities to an enrolment of over 17,000 full-time students.The enabling legislation is...

in St. Catharines, Ontario
St. Catharines, Ontario
St. Catharines is the largest city in Canada's Niagara Region and the sixth largest urban area in Ontario, Canada, with 97.11 square kilometres of land...

.
Scotiabank Hall in the Marion McCain Arts and Social Sciences Building at Dalhousie University
Dalhousie University
Dalhousie University is a public research university located in Halifax, Nova Scotia, Canada. The university comprises eleven faculties including Schulich School of Law and Dalhousie University Faculty of Medicine. It also includes the faculties of architecture, planning and engineering located at...

in Halifax, Nova Scotia
In 2011, Scotiabank became the title sponsor of Toronto's Caribana now known as the Scotiabank Caribbean Carnival Toronto.

Recent events

On November 6, 2006, two homemade bombs were placed within Scotiabank branches in Mexico City
Mexico City
Mexico City is the Federal District , capital of Mexico and seat of the federal powers of the Mexican Union. It is a federal entity within Mexico which is not part of any one of the 31 Mexican states but belongs to the federation as a whole...

. 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 had no known connections to) protests in Oaxaca
2006 Oaxaca protests
The Mexican state of Oaxaca was embroiled in a conflict that lasted more than seven months and resulted in at least seventeen deaths and the occupation of the capital city of Oaxaca by the Popular Assembly of the Peoples of Oaxaca . The conflict emerged in May 2006 with the police responding to a...

claimed responsibility.
In December, 2006 Scotiabank announced it successfully acquired majority control of the fourth largest Jamaica
Jamaica
Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...

-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 its Jamaican subsidiary between C$80 – $90 Million dollars to close the deal.
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. Scotiabank is investigating the expansion of the E*Trade service to their Caribbean markets as well.
In October 2008 Scotiabank was considered one of the front-runners to buy Cleveland-based National City Corp.
National City Corp.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first...

and re-enter the United States market, alongside Pittsburgh-based PNC Financial Services
PNC Financial Services
PNC Financial Services Group, Inc. is a U.S.-based financial services corporation, with assets of approximately $264.3 billion...

and Minneapolis-based U.S. Bancorp
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...

. Many local citizens in Cleveland considered Scotiabank as the best option, due to their longstanding absence from the U.S. market, which would've allowed most of National City's operations to stay in Cleveland. Scotiabank, however, backed out of the deal, and PNC would acquire
National City acquisition by PNC
The National City acquisition by PNC was the deal by PNC Financial Services to acquire National City Corp. on October 24, 2008 following National City's untenable loan losses during the subprime mortgage crisis...

National City with TARP funds on October 24, 2008 after National City became a victim of the subprime mortgage crisis
Subprime mortgage crisis
The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages....

.
In 2010 a panel for the World Intellectual Property Organization
World Intellectual Property Organization
The World Intellectual Property Organization is one of the 17 specialized agencies of the United Nations. WIPO was created in 1967 "to encourage creative activity, to promote the protection of intellectual property throughout the world"....

(WIPO) ruled that Scotiabank as the sponsors of the Caribana festival, did not have grounds for being awarded the domain name caribana.com from its current owners Working Word Co-operative.
In 2010, Scotiabank acquired the assets of R & G Financial Corporation
R & G Financial Corporation
The R & G Financial Corporation was a financial holding company located in San Juan, Puerto Rico. On April 30, 2010, its bank failed and its deposits and assets were seized by the Federal Deposit Insurance Corporation . Its deposits and assets were subsequently sold to Scotiabank...

, a failed Puerto Rican bank.
Soon after Canadian regulators gave the go ahead for Canadian banks to begin mergers and acquisitions, Scotiabank announced it would takeover Commerzbank AG's Brazilian wholesale banking unit. This information was released on September 16, 2010.
Scotiabank announced on September 27, 2010, that they would be purchasing Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...

's Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...

an wholesale banking unit worth around $900 million in assets.
On December 2010, Scotiabank continues to expand its presence in Latin America acquiring the Uruguay
Uruguay
Uruguay ,officially the Oriental Republic of Uruguay,sometimes the Eastern Republic of Uruguay; ) is a country in the southeastern part of South America. It is home to some 3.5 million people, of whom 1.8 million live in the capital Montevideo and its metropolitan area...

an Nuevo Banco Comercial, becoming the first Canadian bank with presence in the country
On October 20, 2011, Scotiabank acquired a 51% stake in Banco Colpatria, Colombia's fifth largest bank and second largest issuer of credit cards for the tune of 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
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...

's purchase in Royal Bank of Trinidad and Tobago.

Awards

2005 – "Bank of the Year" – For Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...

, the Caribbean and in Jamaica
Jamaica
Jamaica is an island nation of the Greater Antilles, in length, up to in width and 10,990 square kilometres in area. It is situated in the Caribbean Sea, about south of Cuba, and west of Hispaniola, the island harbouring the nation-states Haiti and the Dominican Republic...

by LatinFinance
LatinFinance
LatinFinance is a provider of financial markets intelligence on Latin America and the Caribbean...

.
2007 – "Bank of the Year" The Banker Magazine – London England, Scotiabank Trinidad and Tobago, Scotiabank Belize, Scotiabank Turks and Caicos
2008 – "Bank of the Year" The Banker Magazine – London England, Scotiabank Barbados, Scotiabank Trinidad and Tobago, Scotiabank Guyana, Scotiabank Turks and Caicos
2009 – "Bank of the Year" The Banker Magazine – London England, Scotiabank Canada, Scotiabank Barbados,Scotiabank Dominican Republic, Scotiabank Trinidad and Tobago, Scotiabank Turks and Caicos
2010 – "Bank of the Year" The Banker Magazine – 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

Corporate governance

Current members of the board of directors of Scotiabank are: Ronald A. Brenneman, C.J. Chen, N. Ashleigh Everett, John Kerr, Michael Kirby

Michael J. L. Kirby

Michael J. L. Kirby, OC is a Canadian politician. He sat in the Canadian Senate as a Liberal representing Nova Scotia. Currently, he is the Chair of the Mental Health Commission of Canada....

, Laurent Lemaire, John T. Mayberry, Thomas O'Neill

Thomas O'Neill

Thomas or Tom O'Neill may refer to:* Thomas O'Neill , Canadian politician, member of Parliament* Thomas O'Neill , American writer for the Baltimore Sun...

, Elizabeth Parr-Johnston

Elizabeth Parr-Johnston

Elizabeth Parr-Johnston, CM is the Managing Partner of Parr-Johnston Consultants, an economic policy consultancy based in Chester Basin, Nova Scotia. Dr...

, Alexis Rovzar de la Torre, Indira Samarasekera

Indira Samarasekera

Indira Vasanti Samarasekera, OC is the 12th and current President and Vice-Chancellor of the University of Alberta. Succeeding Roderick Fraser on July 1, 2005, she was the first female president of any university in Alberta.-Biography:...

, Arthur Scace, Allan Shaw, Paul Sobey, Barbara Thomas

Barbara Thomas

Barbara Thomas, Lady Judge, CBE is an American lawyer and business woman who has worked professionally in America, Asia and Europe. She is a dual citizen of the UK and US. Lady Judge is Chairman Emeritus of the UK Atomic Energy Authority , Chairman of the Pension Protection Fund, and UK Business...

, and Richard E. Waugh

Richard E. Waugh

.

Former members of the board include: Peter Godsoe

Peter Godsoe

Peter Cowperthwaite Godsoe, is a Canadian businessman and former President, Chairman and Chief executive officer of the Bank of Nova Scotia from 1992 to 2003. He is a member of the board of directors of multiple corporations, and serves as the Chairman of Fairmont Hotels & Resorts and...

(former President and CEO of Scotiabank) and Cedric Ritchie

Cedric Ritchie

Cedric Elmer Ritchie, OC is a Canadian businessman and former Chairman and CEO of The Bank of Nova Scotia. He has been Chairman of the Business Development Bank of Canada since 2001....

(Former Chairman).

Unionization

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

Deep River, Ontario

Deep River is a town in Renfrew County, Ontario, Canada. Located along the Ottawa River, it lies about north-west of Ottawa on the Trans-Canada Highway...

Membership

BNS is a member of the Canadian Bankers Association

Canadian Bankers Association

The Canadian Bankers Association is a financial lobbying group that works on behalf of 52 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 267,000 employees. The CBA was organized in Montreal in 1891, making it one of Canada’s oldest interest...

(CBA) and registered member with the Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

-External links:*** Official CDIC site*...

(CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:

Interac
Interac
Interac Association is a Canadian organization linking enterprises that have proprietary networks so that they may communicate with each other for the purpose of exchanging electronic financial transactions. The Association was founded in 1984 as a cooperative venture between five financial...
VISA
VISA (credit card)
Visa Inc. is an American multinational financial services corporation headquartered on 595 Market Street, Financial District in San Francisco, California, United States, although much of the company's staff is based in Foster City, California. It facilitates electronic funds transfers throughout...

International
MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...

in the Caribbean markets
Plus Network for VISA card users
NYCE
NYCE
The New York Currency Exchange is an interbank network connecting the ATMs of various financial institutions in the United States and Canada. NYCE also serves as an EFTPOS network for NYCE-linked ATM cards....

ATM Network
CarIFS
CarIFS
Caribbean Integrated Financial Services Inc. is a Barbados-based ABM-network provider.Using the name CarIFS , the company's offering allows customers of various financial institutions in Barbados to have 24-hour access to cash from their Bank Accounts via any CarIFS affiliated Automated Banking...

ATM Network
LINX network ATM network
MultiLink Network ATM network http://www.multilinkdebit.com/
MAGNA Rewards as part of the Scotiabank MAGNA MasterCard.
Global ATM Alliance
Global ATM Alliance
The Global ATM Alliance is a joint venture of several major international banks that allows customers of their banks to use their ATM card or debit card at another bank within the Global ATM Alliance with no International ATM Access fees. However, other fees, such as an international transaction or...

Branch locations

Canada

All provinces
Northwest Territories
Yukon

International

Anguilla
Antigua & Barbados
Aruba
Australia
Bahamas
Barbados
Belize
Brazil
British Virgin Islands
Cayman Islands
Chile
Colombia
China
Costa Rica
Dominica
Dominican Republic
Egypt
El Salvador
Grenada
Guatemala
Guyana
Haiti
Hong Kong
India
Ireland
Jamaica
Japan
Republic of Korea
Malaysia
Mexico
Netherlands Antilles
Panama
Peru
Puerto Rico
Singapore
Taiwan
Thailand
Trinidad & Tobago
Turkey
Turks & Caicos
US Virgin Islands
U.K
United States
Venezuela
Vietnam

Sources

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

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