Scotiabank, also known as The Bank of Nova Scotia, is one of Canada’s Big Five banks. Scotiabank ranks third in between the Canadian banks, immediately behind Royal Bank of Canada and TD Bank. Scotiabank is a registered member with the Canada Deposit Insurance Corporation and a member of the Canadian Bankers Association. Having expanded impressively over 178 years, it remains one of North America’s premier banking facilities with its headquarters located in Toronto, Canada. The third largest institution of its type and Canada’s most internationally know bank, the institution offers services both within and outside of the country.
The Bank of Nova Scotia was established in Halifax, Nova Scotia on March 30, 1832. In the 1880s, Scotiabank expanded to the Canadian West. In the beginning of 20th century Scotiabank moved its headquarters to Toronto. At that time the bank has already established a coast-to-coast branch network.
Scotiabank established a presence in the US at the end of 19th century, with opening offices in Minneapolis, Minnesota in 1885, which was moved to Chicago in 1892.
In the 1960s and 1970s, Scotiabank started expansion in Asia, and later in the beginning of 1990s, established presence in Central and South America.
Scotiabank is a modern bank providing a a wide array of banking services including commercial, corporate, retail, investment and international banking. Scotiabank has millions of customers worldwide with offices in over 50 countries. Scotiabank employees over 51,000 people worldwide.
Scotia bank ranks third among Canada’s largest financial institutions in terms of market capitalization. Other competitors include the National Bank of Canada (which is sometimes referred to as the Big Six) as it is noted as having substantial operations in the Country, so too do HSBC Bank Canada, Canadian Western Bank and Laurentian Bank of Canada.
Classified as a Schedule I bank, it operates under government charter holding approximately 20 percent of its own shares. The institution boasts in excess of 7.4 million customers with a noted 2,964 Automated Teller Machines (ATMs), 101 Wealth Management offices, and 1,019 branches. Internet and telephone banking are also offered. The company also has 3 customer service call centers which it has given the mandate to provide the highest possible level of customer service to its members.
For both personal bankers and businesses of all sizes there are host of products covered by one of its three main business divisions: Retail and small businesses, wealth management and commercial banking.
Scotia’s small banking and retail division provides day to day banking services (which include checking and savings accounts, Western Union wire transfers, electronic banking, the SCENE program), borrowing (which includes loans, credit cards, mortgages, equity plans, line of credit, chip technology), investments (including self-managed brokerage, full service brokerage, mutual funds) and insurance (including life & health, home & auto, creditor insurance, travel insurance). The full cocktail of products and services are not listed here.
The products and services provided under Wealth Management include mutual funds and savings products, trust and estate planning, investment management advice, self-directed, discretionary and non-discretionary and retail brokerage and (for their wealthy customers) financial and private client services.
Apart of Scotia Banks stamp is its continued involvement in corporate sponsorship and branding. The institution continues to support Canada’s sporting and cultural endeavours.