Scotiabank facts for kids

Quick facts for kids
Bank of Nova Scotia

Scotia Plaza in Toronto
Trade name	Scotiabank
Type	Public
Traded as	TSX: BNS NYSE: BNS S&P/TSX 60 component
Industry	Banking financial services
Founded	March 30, 1832; 193 years ago (1832-03-30) Halifax, Nova Scotia
Headquarters	Scotiabank North, 40 Temperance Street, Toronto, Ontario, Canada
Key people	L. Scott Thomson (president and CEO) Raj Viswanathan (CFO)
Services	Retail banking corporate banking investment banking mortgage loans private banking credit cards finance and insurance investment management wealth management asset management mutual funds exchange-traded funds index funds
Revenue	CA$33.67 billion (2024)
Net income	CA$7.89 billion (2024)
AUM	CA$373.03 billion (2024)
Total assets	CA$1.41 trillion (2024)
Total equity	CA$84.07 billion (2024)
Number of employees	88,488 (2024)
Subsidiaries	Tangerine Bank

Banque Scotia logo, used for French-speaking Scotiabank customers in Canada

The Bank of Nova Scotia, known as Scotiabank, is a big Canadian bank. It's one of Canada's "Big Five" banks. Scotiabank helps over 25 million customers around the world. It offers many services like personal banking, business banking, and managing investments.

Scotiabank started in 1832 in Halifax, Nova Scotia. Later, in 1900, its main office moved to Toronto, Ontario. The bank is known for being "Canada's most international bank." This is because it has bought many banks in places like Latin America and the Caribbean. It also has branches in Europe and parts of Asia.

History of Scotiabank

How Scotiabank Started

William Lawson was the first president of the Bank of Nova Scotia.

The first building built by the Bank of Nova Scotia in Halifax.

The Bank of Nova Scotia began in 1832 in Halifax, Nova Scotia. At that time, Nova Scotia was a British colony. The government of Nova Scotia officially approved the bank on March 30, 1832. William Lawson was the first president. The bank's goal was to help with trade across the Atlantic Ocean.

Later, in 1883, the bank bought the Union Bank of Prince Edward Island. But mostly, the bank grew by opening new branches.

Growing Across Canada and Beyond

The bank started opening branches in other towns in Nova Scotia. Its growth was mostly in the Maritimes region until 1882. That year, it opened a branch in Winnipeg, moving west. Even though that branch closed, the bank kept expanding into the United States. It opened a branch in Minneapolis in 1885, which later moved to Chicago in 1892.

After two banks in Newfoundland closed in 1894, the Bank of Nova Scotia opened there. In 1889, the bank opened a branch in Kingston, Jamaica. This helped with trading sugar, rum, and fish. This was Scotiabank's first step into the Caribbean. It was also the first time a Canadian bank opened a branch outside the US or UK. By 1899, Scotiabank had branches in many parts of Canada. In 1900, the bank moved its main office to Toronto.

The 20th Century: More Growth

The bank kept growing by opening new branches. In 1906, it opened a branch in Havana, Cuba. A year later, it opened one in New York City. In 1910, a branch opened in San Juan, Puerto Rico.

Scotiabank also grew by joining with other banks. It merged with the Bank of New Brunswick in 1913. In 1914, it joined with the Metropolitan Bank from Toronto. This made Scotiabank the fourth largest bank in Canada. In 1919, it merged with the Bank of Ottawa.

The bank continued to expand internationally. It opened branches in London and the Dominican Republic in 1920. By 1931, it had several branches in Cuba.

In the middle of the 20th century, Scotiabank offered more services. For example, it started a mortgage department in 1954. It also began a consumer credit program in 1958.

The bank's branches in Cuba closed in 1960. This happened when the Cuban government took control of all banks there. In the 1960s, Scotiabank was the first Canadian bank to have women as bank managers. In 1962, it opened an office in Japan, expanding into Asia.

In 1975, the bank started using "Scotiabank" as its name worldwide. In 1978, Scotiabank was the first Canadian bank to sign an agreement with a union.

In 1986, Scotiabank created Scotia Securities. This new company offered services for buying and selling stocks. The bank also bought several other companies. These included McLeod Young Weir in 1988 and Montreal Trustco Inc. in 1994. In 1997, it bought National Trust Company and Banco Quilmes in Argentina.

The 21st Century: Modern Banking

In 2000, Scotiabank increased its ownership in a Mexican bank, Grupo Financiero Inverlat. It later took full control of Inverlat in 2003. This gave Scotiabank a strong presence in Mexico.

In 2002, Scotiabank closed its branches in Argentina due to a money crisis. In 2003, its branch in Guangzhou, China, became the first Canadian bank allowed to deal in Chinese money. In 2007, Scotiabank bought a part of Thanachart Bank in Thailand. This bank is now one of the largest in Thailand.

In 2010, Scotiabank opened offices in Bogotá, Colombia. In 2011, it bought a large part of Colpatria, a major bank in Colombia.

A Tangerine "cafe" in Toronto. Tangerine is owned by Scotiabank.

In 2012, Scotiabank bought ING Direct Bank of Canada. This bank was later renamed Tangerine in 2014.

In 2015, Scotiabank announced it would buy Citigroup's banking businesses in Panama and Costa Rica. This greatly increased its customer base in those countries.

Cedric Ritchie, a former leader of Scotiabank, passed away in 2016. He helped Scotiabank grow into over 40 countries. In 2017, Scotiabank joined the Enterprise Ethereum Alliance.

In 2018, Scotiabank bought Jarislowsky Fraser, an investment firm. It also bought a large part of BBVA Chile, which then merged into Scotiabank Chile. In 2019, Scotiabank changed its logo and how it uses its name. It started using "Scotia" more often.

In 2022, the bank tried to reduce how much employees worked from home. In February 2024, a senior leader, Jake Lawrence, left the bank. His duties were split between other leaders.

Also in February 2024, Scotiabank announced a new partnership. They helped create Canada's first investment company owned by Indigenous people. This company is called Cedar Leaf Capital. This will help Indigenous people access investments and develop new projects.

In August 2024, Scotiabank announced it would buy a part of KeyCorp, a US bank. They plan to work together in the future. In November 2024, some customers had trouble accessing their accounts for a few days.

In January 2025, Scotiabank announced plans to buy the rest of Scotiabank Colpatria in Colombia. They also plan to merge some operations in Latin America. Scotiabank will own 20% of Davivienda, and Davivienda will take over Scotiabank's operations in Colombia, Panama, and Costa Rica.

Banks That Joined Scotiabank

Scotiabank has joined with many other Canadian banks over the years. It has also bought several banks in other countries. Most of these banks now use the Scotiabank name. Some branches, like those from Montreal Trust and National Trust, still use "Scotiabank & Trust."

A Bank of Ottawa branch in Cobalt. This bank joined Scotiabank in 1919.

Headquarters for R & G Financial in San Juan, 2006. Scotiabank later bought this bank.

Some Banks Merged With or Bought by Scotiabank

Bank	Year Started	Year Joined Scotiabank
Union Bank of PEI	1860	1883
Summerside Bank	1866	1901
Bank of New Brunswick	1820	1913
Metropolitan Bank of Canada	1902	1914
Bank of Ottawa	1874	1919
Montreal Trust Company	1889	1994
National Trust Company	1898	1997
Mocatta Bullion	1684	1997
Inverlat	1991	1992 (first stake)
National Bank of Greece (Canada)	1982	2005
Banco Wiese Sudameris	1920	2006
Banco Intercontinental	1986	2003
Banco Sudamericano	1991	1997 (first stake)
E-Trade Canada	1982	2008
DundeeWealth	1998	2010
R-G Premier Bank of Puerto Rico	1966	2010
Nuevo Banco Comercial	2003	2011
ING Direct Canada	1997	2012 (rebranded to Tangerine)
Banco Colpatria	1955	2012 (first stake)
Discount Bank		2015
Canadian Tire Bank	2003	2014 (first stake)
Jarislowsky Fraser	1955	2018
MD Financial Management	1957	2018
BBVA Chile	1883	2018 (first stake)
Davivienda	1972	2025 (first stake)

How Scotiabank Works

Scotiabank has four main parts that help it serve customers:

• Canadian Banking: This part helps people and businesses in Canada with their money and banking needs. Scotiabank also offers online banking through Tangerine Bank.
• International Banking: This part helps customers in other countries with banking and financial advice.
• Global Wealth & Insurance (GWI): This part helps people manage their money and offers insurance in Canada and other countries.
• Global Banking & Markets: This part works with large companies, governments, and big investors around the world.

Scotiabank Locations

In Canada

A Scotiabank branch in Victoria, Canada.

Scotiabank has branches in all Canadian provinces and territories, except for Nunavut.

Around the World

A Scotiabank branch in Holetown, Barbados.

Scotiabank has offices and branches in many countries, including:

Sponsoring Events and Places

Sports Sponsorships

The CONCACAF Champions League trophy. Scotiabank helps sponsor this event.

Scotiabank supports many sports events and teams. It is the main sponsor for the Calgary Marathon and the CONCACAF Champions League soccer tournament. It also sponsors running events like the Scotiabank Toronto Waterfront Marathon. Since 2005, Scotiabank has sponsored the CFL playoffs. It is also the official bank of the Canadian Football League.

Scotiabank sponsors sports leagues and teams in other countries too. It became a sponsor for Club Deportivo Guadalajara in 2013. In 2014, it became the official sponsor for the Chilean Primera División soccer league. Scotiabank is also the official bank of the National Hockey League (NHL). Since 2008, it has sponsored the Canadian cricket team. It is also the official bank of the West Indies cricket team.

The Scotiabank Saddledome in Calgary. Scotiabank has sponsored its name since 2010.

The Scotiabank Arena in Toronto. This arena was renamed in 2018.

Scotiabank also sponsors the names of many sports buildings. These include the Scotiabank Aquatics Center in Guadalajara. It also sponsors the Scotiabank Saddledome in Calgary and the Scotiabank Centre in Halifax. In 2017, Scotiabank bought the naming rights for the Air Canada Centre in Toronto. It was renamed Scotiabank Arena on July 1, 2018. From 2006 to 2013, Scotiabank also sponsored the arena for the Ottawa Senators hockey team.

Cultural Sponsorships

Scotiabank supports many cultural events and places in Canada. In 2005, it became the main sponsor of the Giller Prize, a famous book award. From 2006 to 2015, Scotiabank sponsored the Nuit Blanche art event in Toronto. In 2008, it started sponsoring Toronto's Caribana festival, which was renamed Scotiabank Caribbean Carnival Toronto.

Several Cineplex Entertainment movie theaters are called "Scotiabank Theatre."

Scotiabank and Cineplex Entertainment (a movie theater company) created a rewards program called Scene+ in 2007. This program lets people earn points for free movies. Some Cineplex movie theaters were also renamed "Scotiabank Theatres." In 2015, they extended this partnership. In 2021, the new Scene+ program combined Scene and Scotia Rewards points.

Scotiabank also sponsors buildings at universities. These include Scotiabank Hall at Brock University and Dalhousie University.

Awards and Recognition

Scotiabank has won many awards over the years. These awards recognize it as a top bank in different regions.

• 2005 – "Bank of the Year" for Mexico, the Caribbean, and Jamaica by LatinFinance.
• 2007 – "Bank of the Year" by The Banker for Scotiabank Trinidad and Tobago, Belize, and Turks and Caicos.
• 2012 – "Global Bank of the Year" by The Banker. It was also named "Bank of the Year" for the Americas, Canada, and several Caribbean islands.
• 2014 – "Best Emerging Market Bank in Latin America" by Global Finance Magazine for Jamaica, Barbados, Trinidad & Tobago, Turks and Caicos, and U.S. Virgin Islands.

Memberships

Scotiabank is part of the Canadian Bankers Association (CBA). It is also a member of the Canada Deposit Insurance Corporation (CDIC). This is a government agency that protects money in Canadian bank accounts.

Scotiabank is also a member of the Global ATM Alliance. This group of international banks lets customers use their ATM cards at other banks in the alliance without extra fees when traveling. Other banks in this group include Barclays (UK), Bank of America (US), Deutsche Bank (Germany), and Westpac (Australia and New Zealand).

Scotiabank is also part of:

Leadership

President

1. William Lawson, 1832–1837
2. Lawren Scott Thomson, 2022–

Chief Executive Officer

1. Cedric Elmer Ritchie, 1972–1993
2. Lawren Scott Thomson, 2023–

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