Scotiabank

served as the first president of the Bank of Nova Scotia, from 1832 to 1837. 1832–1900: Founding and early development The Bank of Nova Scotia was founded in 1832 in Halifax, Nova Scotia, a British colony at that time. The bank was incorporated by the Legislative Assembly of Nova Scotia on March 30, 1832. William Lawson was the first president. The bank intended to facilitate the trans-Atlantic trade of the time. 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, which 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. in 1988, and Montreal Trustco Inc. in 1994. 1997–2019: Previous metals leadership In 1997, the bank acquired National Trust Company for Can$1.25 billion. In the same year, Scotiabank acquired Banco Quilmes in Argentina. 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. 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 2010, the bank opened its first offices in Bogotá, 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. "cafe" in Toronto. Tangerine is a subsidiary of Scotiabank that was acquired in 2012. 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 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. 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'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, 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, in money laundering. Later that year, in June 2019 it was announced that OFG Bancorp 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". 2020–present: Modern era and leadership changes In 2022, the management tried to reduce the rate of remote work. On February 14, 2024, Chief Executive Officer and Group Head, Global Banking and Markets Jake Lawrence left the bank after 22 years and joined the Power Corporation of Canada. His responsibilities are shared between Paul Scurfield to Global Head, Capital Markets, Global Banking and Markets, and Michael Kruse, acting as Interim Global Head, Corporate and Investment Banking, Global Banking and Markets. In February 2024, Bank of Nova Scotia announced the creation of first indigenous-owned investment dealer in Canada. Cedar Leaf Capital is a partnership between two indigenous development corporations and one indigenous peoples corporation. Each side owns 23.3% of the shares and Scotiabank controls the rest. At the same time, the bank will reduce its share once Cedar Leaf Capital has established its production. This initiative will facilitate access by aboriginal people (5% of Canada's 40 million people) to investment and infrastructure development. In August 2024, Scotiabank and KeyCorp (a U.S. regional bank) announced that Scotiabank was purchasing 14.9% of KeyCorp for approximately $2.8 billion. The parties expect to complete the purchase upon the satisfaction of customary closing conditions and the receipt of Federal Reserve approval, which is expected to occur in the first quarter of 2025. As part of the transaction, KeyCorp and Scotiabank plan to explore commercial opportunities to partner together in the future to best serve their respective client bases. In November 2024, some customers were unable to access their accounts for days. In January 2025, the signing of an agreement to purchase the remaining stake (43.9%) in Scotiabank Colpatria (Colombia) is announced, in turn announcing a merger agreement in some Latin American countries through which Scotiabank will hold 20% of Davivienda, and the latter will absorb Scotiabank Colombia, Panama and Costa Rica, operations that in any case will be subject to regulatory approvals throughout 2025. In June 2025, Scotiabank appointed Alton McDowell, formerly of JPMorgan Chase, as its Global Head of Corporate Banking. == 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. branch in Cobalt. The bank was acquired by the Bank of Nova Scotia in 1919. in San Juan, 2006. R & G was later acquired by Scotiabank in 2010. ==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 , Canada Scotiabank operates branches in all Canadian provinces and territories, except for Nunavut. Global , Barbados • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ==Controversies==

Major investor in UN-blacklisted Israeli bank and arms manufacturer One of Scotiabank mutual funds is the largest foreign investor of the UNHRC-blacklisted Israeli bank Mizrahi Tefahot Bank, which invests in illegal settlements in Palestinian Territories. The same mutual fund is also heavily invested in the Israeli weapon manufacturer Elbit;. Elbit also provides surveillance system in the West Bank, and has a spying-tool division that has been involved in spying on journalists. 1832 Asset Management, a division of Scotiabank's Dynamic Fund held 5 per cent of Elbit, valued at about US$440 million, until May 14, 2024, when it disclosed in a regulatory filing that the halved their investments to 2.5 per cent, valued at about US$237.6 million. These investments raises major concerns, for the following reasons: • The investments in UN blacklisted bank and arms manufacturer go against Scotiabank's own ESG rules • The Dynamic Global Discovery Fund is investing about 12% in just two companies (one UN-blacklisted): excessive and speculative for two smallcap companies • The fund does not mention in its filings that it is highly speculative, due to fact that its 12% stake are a UN-blacklisted company and a controversial arm manufacturer 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. 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. 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. ==Sponsorship==

Sports trophy. Scotiabank is the title sponsor for the event. Scotiabank is the title sponsor for a number of sports events including the Calgary Marathon, the CONCACAF Champions League 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. Scotiabank was also a primary sponsor for Champion Boxer Miguel Cotto during his 2009 bout with Manny Pacquiao. 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 and National Hockey League Players' Association. It was named official bank of the 2007 Cricket World Cup. 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 the Canadian cricket Team and the title sponsor of National T20 Championship in Canada. Scotiabank is also the official bank of the West Indies cricket team. in Calgary. The bank has held the arena's naming rights since October 2010. in Toronto. The bank has held the arena's naming rights since July 2018. Scotiabank is also the title sponsor for a number of athletic facilities. They include the Scotiabank Aquatics Center in Zapopan, Mexico; Scotiabank Saddledome in Calgary (since October 8, 2010); and the Scotiabank Centre in Halifax (since June 25, 2014). The naming rights for the Scotiabank Centre was signed for ten years, with annual fees of $650,000 for said rights. The facility officially 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 in Toronto for $800 million, a record-setting deal described as "one of the biggest investments in naming rights in North America". 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, branding it Scotiabank Place. Canadian Tire took over the naming rights for the Senators' arena in June 2013. In 2022, Scotiabank acquired the naming rights to the Bell MTS Iceplex near Winnipeg; rather than use the Scotiabank name, the facility is instead branded as Hockey for All Centre, as an extension of a diversity and inclusion campaign of the same name. 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. 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 in St. Catharines; and Scotiabank Hall in the Marion McCain Arts and Social Sciences Building at Dalhousie University in Halifax. Scotiabank has also established an industry partnership with the University of Waterloo Stratford Campus. ==Awards==

• 2005 – "Bank of the Year" – For Mexico, the Caribbean and in Jamaica 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. ==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 (United Kingdom), Bank of America (United States), BNP Paribas (France and Ukraine through UkrSibbank), Deutsche Bank (Germany), and Westpac (Australia and New Zealand). Other international associations of which the bank is a member include: • Amex in Canadian markets • CarIFS ATM Network (defunct 2020) • Global ATM Alliance • Interac • MAGNA Rewards as part of the Scotiabank MAGNA MasterCard. • MasterCard in the Caribbean markets • MultiLink Network ATM network • NYCE ATM Network • Plus Network for VISA card users • VISA International • UNEPFI as part of the Net Zero Banking Alliance initiative == Leadership ==

President • William Lawson, 1832–1837 • Mather Byles Almon, 1837–1870 • James Donaldson, 1870–1871 • John Doull, 1871–1872 • Andrew Mitchell Uniacke, 1872–1874 • John S. Maclean, 1874–1889 • John Doull, 1889–1899 • Jarius Hart, 1899 • John Young Payzant, 1899–1918 • Charles Archibald, 1918–1923 • George Stewart Campbell, 1923–1927 • Samuel John Moore, 1927–1934 • John Andrew McLeod, 1934–1945 • Herbert Deschamps Burns, 1945–1949 • Horace Luttrell Enman, 1949–1956 • Charles Sydney Frost, 1956–1958 • Frank William Nicks, 1958–1970 • Arthur Holmes Crockett, 1970–1972 • Cedric Elmer Ritchie, 1972–1979 • John Alexander Gordon Bell, 1979–1992 • Peter Cowperthwaite Godsoe, 1992–2003 • Richard Earl Waugh, 2003–2013 • Brian Johnston Porter, 2013–2022 • Lawren Scott Thomson, 2022– Chairman of the Board • Samuel John Moore, 1933–1945 • John Andrew McLeod, 1945–1946 • Herbert Deschamps Burns, 1949–1955 • Horace Luttrell Enman, 1955–1959 • Frank William Nicks, 1962–1972 • Thomas Albert Boyles, 1972–1974 • Cedric Elmer Ritchie, 1974–1995 • Peter Cowperthwaite Godsoe, 1995–2004 • Arthur Richard Andrew Scace, 2004–2009 • John Thomas Mayberry, 2009–2014 • Thomas Charles O'Neill, 2014–2019 • Aaron William Regent, 2019– Chief Executive Officer • Frank William Nicks, December 1958 – 4 January 1972 • Thomas Albert Boyles, 4 January 1972 – December 1972 • Cedric Elmer Ritchie, December 1972 – 19 January 1993 • Peter Cowperthwaite Godsoe, 19 January 1993 – 1 December 2003 • Richard Earl Waugh, 2 December 2003 – 31 October 2013 • Brian Johnston Porter, 1 November 2013 – 31 January 2023 • Lawren Scott Thomson, 1 February 2023 – ==Arms==

{{Infobox COA wide == Bank histories ==

• History of the Bank of Nova Scotia, 1832–1900. • The Bank of Nova Scotia, 1832–1932. • Schull, Joseph, and J. Douglas Gibson. The Scotiabank Story: A History of the Bank of Nova Scotia, 1832–1982. Macmillan of Canada, 1982. ==See also==