The Bank Act was amended in to allow banks to own controlling positions in stock brokerage companies see Stock and Bond Markets. Scotiabank responded by creating a new subsidiary, Scotia Securities, to act as its stock brokerage firm. In , ScotiaMcLeod was incorporated into the capital markets business of the bank. The group was renamed Scotia Capital in , when it was further merged with the corporate banking business. The bank followed this by acquiring the National Trust Company of Toronto in Unable to gain further control, Scotiabank decided to sell its investment in CI Financial into public hands with a bought deal in whereby a group of stockbrokers agree to buy all the shares and immediately sell them to their investors.
In the interim, in Scotiabank purchased all of DundeeWealth Inc. It had previously purchased a smaller 18 per cent minority stake in Between and , Scotiabank made several strategic acquisitions of small regional banks throughout Latin, Central and South America. The strategy was to grow its banking presence outside of Canada and into these regions. It would be operated as a separate company and was renamed Tangerine Bank in April Over the course of , Scotiabank also announced acquisitions from banks in Peru, Colombia, Chile and the Dominican Republic to increase its presence in those countries.
Features a list of domestic and international banks operating in Canada, timeline of the banking industry, useful consumer information, a glossary, and related resources. CBA is the main representative body for banks in Canada and is the country's oldest industry association.
Scotiabank The website for Scotiabank. Offers an online guide to products and services, current rates and other financial news. Search The Canadian Encyclopedia. Remember me. I forgot my password. Ally Financial, Inc. Attijariwafa Bank profile and corporate video Attijariwafa Bank is engaged in the provision of international commercial banking services. It operates through the following business areas: Domestic Banking, Europe and Added by chcom.
William D. Show more Show less. To counter the perception that the bank was not fully committed to businesses, Scotiabank embarked upon an extensive, innovative advertising campaign in using customers' case histories and games of visual illusion to show the various ways that the bank had helped companies.
During the first half of the s, the bank was accused of wrongdoing in a series of cases stemming from its activities both at home and abroad. In March , the bank was asked by a Miami court to release records from its Cayman Islands branch concerning certain customers under investigation for narcotics and tax violations. The bank lost its appeal to the U. Supreme Court in January In the bank, along with four other Canadian banks, was the subject of a one-year investigation by the Royal Commission of the Bahamas into drug dealing and money laundering by Bahamian Prime Minister Pindling and his wife.
Although the investigation was inconclusive, it cast a cloud on a case alleging that the bank had committed fraud against the Investment Dealers Association of Canada in its involvement in the failure of Atlantic Securities Ltd.
Although this case generated much controversy, the Nova Scotia County Court acquitted the bank. In Scotiabank further penetrated the financial services market with the formation of Scotia Securities. That subsidiary, which provided discount brokerage and security underwriting services, allowed the bank to compete more effectively with investment banking firms.
In addition to acquiring other banks during the late s and early s, the Bank of Nova Scotia pursued a strategy of global expansion to assure profitability regardless of any fluctuations in individual markets. It also worked to improve the quality of the loans in its portfolio and to increase the efficiency of its operations. Scotiabank also acquired a 40 percent stake in Solidbank Corp.
The early s also saw a gradual transition in the top leadership at the Bank of Nova Scotia. Cedric Ritchie, president and CEO since and chairman since , handed over the presidency to Peter Godsoe, native of Halifax and career banker at Scotiabank, in Godsoe gained the CEO position the following year and became chairman at the beginning of Scotiabank's efforts during the late s and early s were clearly paying off by the mids.
The purchase bolstered two areas of weakness for Scotiabank: its retail banking presence in Central Canada and its wealth management operations; also gained were Montreal Trustco's corporate trust services activities. Net income slipped in as a result of charges related to restructuring, but profitability had been improving steadily since the late s. By , Scotiabank had more operations in Latin America and Asia than any other Canadian bank, and Scotiabank executives were working to set up new partnerships with banks in India, Malaysia, Brazil, Peru, and Venezuela.
That year the bank purchased 25 percent of Argentina's Banco Quilmes S. The Bank of Nova Scotia was also branching out into new markets, such as insurance, opened up by Canadian deregulation of the banking industry. As a base for the move into insurance Scotiabank acquired two inactive insurance firms in the mids, Glacier National Life Assurance and property and casualty insurer Canada Security Assurance Co.
Following Mexico's peso crisis in , that nation's banking industry collapsed under percent interest rates and the inability of borrowers to repay their loans. The following year, however, the bank repurchased a 10 percent interest in Inverlat and also gained the right to increase its stake to 55 percent in Scotiabank stepped up its acquisition activity in The operations of the two companies meshed well, given that 80 percent of National Trustco's branches were in Ontario, a historically weak market for the Bank of Nova Scotia.
In the integration process over the next three years, about 50 overlapping branches were closed and about 1, jobs were eliminated.
The Canadian banking industry appeared to be headed for the biggest shakeup in its history in when Royal Bank of Canada and Bank of Montreal agreed to a merger, as did the Toronto-Dominion Bank and Canadian Imperial Bank of Commerce--two mergers involving the four other members of Canada's "Big Five" banks, with Scotiabank the odd bank out.
Godsoe lobbied intensely in opposition to the mergers, arguing that they would lead to job cuts numbering 20,, massive branch closures, and other negative outcomes not in the public interest. In December Finance Minister Paul Martin scotched both of the deals, having concluded that the mergers would create two banks wielding too much power in the Canadian market, with competition in the industry being severely reduced.
Scotiabank also felt some of the aftershocks of the Asian economic crisis that erupted in On the positive side, however, the bank's stake in Banco Sud Americano was increased to 61 percent, and that Chilean bank was subsequently renamed Scotiabank Sud Americano, S. At the same time, Scotiabank also cut back on its Canadian operations, selling 43 branches in Quebec to Laurentian Bank.
The newly acquired Canadian operations were merged with Scotiabank's existing discount brokerage, which was rebranded ScotiaMcLeod Direct Investing. Now both the full-service and the discount brokerages of Scotiabank operated under the ScotiaMcLeod name. Also in , Scotiabank bought a modest equity stake in Xi'an City Commercial Bank, which was based in the capital city of the Shaanxi province of northern China.
Another severe economic crisis, this time in Argentina, had a major impact on Scotiabank in Our history dates back to — the year when The Bank of Nova Scotia was founded. This also marks the year that the first Bank note was issued.
0コメント