Bank of Nova Scotia

THE SCOOP

Home sweet Canada

The Bank of Nova Scotia (usually referred to as Scotiabank) calls Canada home, but that doesn't mean that it hasn't spread its wings to embrace the rest of the world.  Founded on the northeastern Canadian island of Nova Scotia in 1832, the company moved to the big Ontario city of Toronto in 1900.  Today, it holds the rank as Canada's third-largest bank, and provided a range of servicesâ€"concentrating on retail, corporate and investment bankingâ€"in 50 countries around the world.  Scotiabank's other services include personal savings and checking accounts, as well as lending, brokerage and trust services.  The company also offers asset management (including mutual funds) and, through its Scotia Capital division, investment banking services, including underwriting, and mergers and acquisitions advising.

The bank's biggest area of operations remains its homeland, Canada, where it offers banking services through a national network of about 1,000 branches, commercial and business banking centers, and four call centers.

Market expansionâ€"at home and abroad

Throughout 2008 and early 2009, Scotiabank CEO Rick Waugh continued to expand Scotiabank’s overseas reach.  The bank now has outposts in Russia and Turkey, an enhanced presence in Central and Latin America, and greater stake of a major bank in Thailand.  Indeed, Bloomberg reported that Waugh has spent more than C$2 billion to acquire foreign banks and lenders during his tenure.

Scotiabank’s expansion was complemented by relatively strong returns in 2008.  Though it sustained significant losses in the final quarter of 2008, it nevertheless posted a net income of $3.14 billion for the fiscal year.

Down South  Scotiabank maintains six locations in the U.S.â€"Atlanta, Chicago, New York, San Francisco, Houston and Portlandâ€"from which it caters to large, national and multinational corporations through its subsidiary, Scotia Capital.  Scotia Capital has operated in the U.S. for more than a century, overseeing the bank's global relationships with large corporate, institutional and government clients.  The subsidiary specializes in syndicated lending, corporate debt and equity underwriting, mergers and acquisitions, fixed income and institutional equities sales and trading, foreign exchange, derivatives, and precious metals products and services.

From all over

With more than 60,000 employees, Scotiabank and its affiliates lay claim to about 12.5 million customers internationally, operating in more than 50 countries around the world.  The firm also trades on the Toronto, New York and London Stock Exchanges.  Scotiabank stands as the leading provider of financial services in the Caribbean, has the broadest Asian network of any Canadian bank, and is active in the Latin American market through subsidiaries in Chile, Costa Rica, El Salvador and Mexico, and affiliates in Peru and Venezuela.

The bank also has a long track record of community involvement.  To celebrate its 175th anniversary in 2007, the bank commissioned and donated new artwork by John Hartman, a Canadian painter, to the Art Gallery of Nova Scotia.  Waugh said the donation “offered a unique way for us to create a permanent tribute to Halifax, Scotiabank's city of origin, and all of the communities in which we share a long and rich history.â€

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Bank of Nova Scotia


44 King Street West
Toronto M5H 1H1
Phone: (416) 866-6161
Fax: (416) 866-3750
www.scotiabank.ca

STATS


  • Employer Type: Public
  • Stock Symbol: BNS
  • Stock Exchange: NYSE
  • President & CEO: Richard E. Waugh
  • 2009 Employees: 62,143

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