BANK OF NOVA SCOTIA / Profile
The Bank of Nova Scotia, or simply Scotiabank, is a banking and financial services corporation that was founded in 1832 under its current name. The bank expanded and focused on facilitating the trans-Atlantic trade in its early years and opening new branch locations. Scotiabank would launch its branch banking system in Nova Scotia and expand beginning with Winnipeg and later to Minneapolis and Chicago and, eventually, to Newfoundland following the collapse of the Commercial Bank and Union Bank of Newfoundland. In 1900, the bank would move its headquarters to Toronto. In the 20th century, the bank focused on acquisitions to facilitate its growth, merging with the Bank of New Brunswick in 1913 and the Metropolitan Bank in 1914 with new branch locations such as New York City and San Juan. In 1962, the bank would expand its international presence with its first location in Asian in Japan. Throughout the rest of the 20th century and into the 21st, Scotiabank would continue to increase its international presence while continuing with acquisitions to develop key businesses and facilitate further growth, merging with companies such as the Montreal Trust and National Trust in the 1990s, National Bank of Greece (Canada), Banco Wiesse Sudameris, and Banco Intercontinental in the 2000s, and DundeeWealth in 2010 and ING Direct Canada in 2012. The bank is currently one of the largest banks in the world, ranked in the SNL Financial World’s top 100, and operates through four business divisions. Canadian Banking provides financial and banking solutions to clients in Canada. International Banking provides a variety of services in select locations. Global Wealth & Insurance provides wealth management, insurance operations, and global transaction banking. Global Banking & Markets provides wholesale banking and capital markets services to corporate, government, and institutional investors. Scotiabank currently employs over 87,000 employees and has assets of over $630 billion, taking care of 21 million clients in over 55 countries. Some of its mutual funds include the Mortgage Income Fund, Conservative Income Fund, Money Market Fund, Global Balanced Fund, and Nasdaq Index Fund, and its ETFs are traded under the iTrade name.