The Bank of Nova Scotia History
44 King Street West
Toronto, Ontario M5H 1H1
Telephone: (416) 866-6161
Fax: (416) 866-3750
Total Assets: C$282.16 billion (US$200.48 billion) (2003)
Stock Exchanges: Toronto New York London
Ticker Symbol: BNS
NAIC: 551111 Offices of Bank Holding Companies; 522110 Commercial Banking; 522210 Credit Card Issuing; 523110 Investment Banking and Securities Dealing; 523120 Securities Brokerage; 523920 Portfolio Management; 523930 Investment Advice; 523991 Trust, Fiduciary, and Custody Activities; 525910 Open-End Investment Funds
Since welcoming our first customers in 1832, Scotiabank has enjoyed continued success by building on traditional core strengths--risk management, cost control, diversification, customer satisfaction and great employees. Our goal is to be the best and most successful Canadian-based international financial services group.
- The Bank of Nova Scotia (or Scotiabank) is born; it is the first public financial institution in Halifax.
- The Union Bank of Prince Edward Island is acquired.
- Scotiabank makes its first move into the Caribbean, opening a branch in Kingston, Jamaica.
- Headquarters are moved to Toronto.
- Bank of Nova Scotia merges with the Bank of New Brunswick, the oldest Canadian chartered bank.
- Toronto-based Metropolitan Bank is acquired, making Scotiabank the fourth largest financial institution in Canada.
- The Bank of Ottawa is acquired.
- Passage of the National Housing Act leads Scotiabank to create a mortgage department.
- Changes to Bank Act of 1954 enable Scotiabank to introduce a consumer credit program.
- Bank of Nova Scotia expands into Asia with the opening of a branch in Japan.
- Scotia Securities is formed to provide discount brokerage and security underwriting services.
- Brokerage firm McLeod Young Weir Ltd. is acquired.
- Scotiabank acquires Montreal Trustco Inc.
- National Trustco Inc. is acquired for C$1.25 billion.
- Scotiabank increases to 55 percent its stake in Mexican bank Grupo Financiero Inverlat, which is subsequently renamed Grupo Financiero Scotiabank Inverlat.
- Economic turmoil in Argentina leads to the bank's sale of its subsidiary there and a C$540 million writedown on its investment.
- Stake in Scotiabank Inverlat is increased to 91 percent.
- Anderson, Mark, "The Lost Picture Show," Canadian Business, May 1, 1997, p. 93.
- Blackwell, Richard, "Bank of Nova Scotia Looks to Branching Out," Financial Post, October 5, 1994, sec. 1, p. 8.
- ------, "Scotiabank Expects Big Fall in Loan Losses," Financial Post, January 18, 1995, sec. 1, p. 8.
- Darroch, James L., Canadian Banks and Global Competitiveness, Montreal: McGill-Queen's University Press, 1994.
- Haliechuk, Rick, "Scotiabank Profit Hits Record in 4th Quarter," Toronto Star, December 1, 1994, p. E2.
- Kalawsky, Keith, "Bank Mergers No Longer a Hot Political Issue," Financial Post, March 25, 2003, p. FP1.
- ------, "Scotiabank Looks South for Future," Financial Post, March 26, 2003, p. FP1.
- Kraus, James R., "Scotiabank Weathers Growing Pains Overseas," American Banker, July 28, 1999, p. 4.
- Laver, Ross, "Banking in Bad Times," Maclean's, November 26, 1990, pp. 44+.
- Partridge, John, "Scotiabank Bids for National Trustco," Globe and Mail, June 25, 1997, p. A1.
- ------, "Scotiabank Gets New Spin: CEO Provides 'Stark Contrast' to Former Management Style," Globe and Mail, June 21, 1993, p. B1.
- ------, "Scotiabank Takes Hit over Mexican Bank," Globe and Mail, November 30, 1995, p. B1.
- ------, "Scotiabank Vaults to No. 3: Montreal Trust Gives It Stronger Presence in Central Canada, Personal Finance," Globe and Mail, December 4, 1993, p. B17.
- Partridge, John, Karen Howlett, and Sinclair Stewart, "Scotiabank Names President," Globe and Mail, January 16, 2003, p. B1.
- Posner, Michael, "Titans at the Altar: Two Financial Giants Link Up with New Partners," Maclean's, July 7, 1997, pp. 50-51.
- Schull, Joseph, and J. Douglas Gibson, The Scotiabank Story: A History of the Bank of Nova Scotia, 1832-1982, Toronto: Macmillan of Canada, 1982.
- Stewart, Sinclair, "Scotiabank Chief to Step Down in 2003," Globe and Mail, December 4, 2002, p. B1.
- Wood, Chris, "The Trials of a Banking Giant," Maclean's, November 18, 1985, pp. 34+.
Source: International Directory of Company Histories, Vol.59. St. James Press, 2004.