View source for Scotiabank

{{Short description|Canadian multinational bank headquartered in Toronto}}
{{More citations needed|date=March 2018}}
{{Use mdy dates|date=December 2021}}
{{Infobox company
| name = Bank of Nova Scotia
| trade_name = Scotiabank
| logo = Scotiabank logo.svg
| image= Scotia Plaza 2025-05-24.jpg
| logo_size = 250px
| image_caption = [[Scotia Plaza]] in Toronto
| type = [[Public company|Public]]
| traded_as = {{tsx|BNS}}<br />{{nyse|BNS}}<br />[[S&P/TSX 60|S&P/TSX 60 component]]
| key_people = {{ubl|L. Scott Thomson (president and CEO)|Raj Viswanathan (CFO)}}
| industry = {{hlist | [[Banking]] | [[financial services]]}}
| products = {{ubl | [[Asset management]] | [[Banking]] | [[Commodities]] | [[Credit card]]s | [[Equities trading]] | [[Insurance]] | [[Investment management]] | [[Mortgage loan]]s | [[Private equity]] | [[Wealth management]] }}    
| revenue = {{increase}} [[Canadian dollar|CA$]]33.67 billion (2024)<ref name="Financials">{{cite web |title=Scotiabank Fourth Quarter Release|url=https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2024/q4/Annual_Report_2024_EN.pdf |website=Investor Relations |publisher=Scotiabank |access-date=9 December 2024}}</ref>
| net_income = {{increase}} CA$7.89 billion (2024)<ref name="Financials"/>
| aum = {{increase}} CA$373.03 billion (2024)<ref name="Financials"/>
| assets = {{increase}} CA$1.41 trillion (2024)<ref name="Financials"/>
| equity = {{increase}} CA$84.07 billion (2024)<ref name="Financials"/>
| num_employees = 88,488 (2024)<ref name="Financials"/>
| subsid = [[Tangerine Bank]]
| foundation = {{start date and age|1832|03|30}}<br />[[Halifax (former city)|Halifax]], [[Nova Scotia]]
| location = [[Bay Adelaide Centre|Scotiabank North]], 40 Temperance Street, {{nowrap|[[Toronto]], [[Ontario]], Canada<ref name="HeadOffice">{{cite web
| url         = https://www.scotiabank.com/content/dam/scotiabank/corporate/quarterly-reports/2022/q4/Annual_Report_2022_EN.pdf
| title       = Scotiabank 2023 Annual Report - English
| website     = Scotiabank
| access-date = 3 November 2023
}}</ref>}}
| homepage = {{official URL}}
}}
[[File:Banque Scotia (logo, 2019).svg|250px|thumb|right|Banque Scotia logo, used for francophone Scotiabank customers in Canada]]
The '''Bank of Nova Scotia''' ({{langx|fr|link=no|Banque de Nouvelle-Écosse}}), operating as '''Scotiabank''' ({{langx|fr|link=no|Banque Scotia}}), is a Canadian [[multinational corporation|multinational]] banking and financial services company headquartered in [[Toronto]], [[Ontario]]. One of Canada's [[Big Five (banks)|Big Five banks]], it is the third-largest Canadian bank by deposits and [[market capitalization]]. In 2023, the company's seat in [[Forbes Global 2000]] was 88.<ref>{{Cite web|language=en|url=https://www.forbes.com/lists/global2000/?sh=51d599675ac0|title=The Global 2000 2023|website=Forbes|access-date=2024-02-07|archive-date=2024-01-29|archive-url=https://web.archive.org/web/20240129031905/https://www.forbes.com/lists/global2000/?sh=4f5ab07e5ac0}}</ref> It serves over 25 million customers globally offering personal and commercial banking, wealth management, corporate and investment services. With more than 89,000 employees and assets of CA$1,399 billion as of April 30, 2024 (according to Q2-2024 Report to Shareholders), Scotiabank trades on the Toronto ({{tsx|BNS}}) and New York ({{nyse|BNS}}) exchanges. Its [[SWIFT#Standards|swift code]] is NOSCCATT and the institution number is 002.<ref name="Swift Code and Institution Number">{{cite web |url=https://help.scotiabank.com/article/whats-scotiabanks-aba-number-institution-number-and-swift-code  |website=Scotiabank |title=What's Scotiabank's ABA number, institution code, and SWIFT code? |access-date=March 8, 2024}}</ref>

Scotiabank was founded in 1832 in [[Halifax, Nova Scotia]], where it was headquartered until relocating to Toronto in 1900.<ref name="Scotiabank Story">{{cite web| url=http://www.scotiabank.com/ca/en/0,,476,00.html |website=Scotiabank |title=The Scotiabank Story| access-date=October 13, 2013| year=2010}}</ref> Scotiabank has billed itself as "Canada's most international bank" due to its acquisitions primarily in Latin America and the Caribbean, and also in Europe and parts of Asia. Scotiabank is a member of the [[London Bullion Market Association]] and one of fifteen accredited institutions which participate in the London [[gold fixing]].<ref>{{cite web| url=https://www.bullionvault.com/guide/gold/Gold-fix| title=The London Gold Fix| date=2016| website=Bullionvault | access-date=February 15, 2016}}</ref> From 1997 to 2019, this was conducted through its precious metals division [[ScotiaMocatta]].<ref>{{cite web| url=https://www.bloomberg.com/news/articles/2019-01-17/scotiabank-drops-348-year-old-mocatta-name-in-metals-unit-revamp| title=Scotiabank Drops 348-Year-Old Mocatta Name in Metals Unit Revamp| date=2019| website=Bloomberg| access-date=September 19, 2019}}</ref>

Scotiabank's president and CEO [[Brian J. Porter]]<ref name="SNL">{{cite news| title=Largest 100 banks in the world| url=https://www.forbes.com/sites/halahtouryalai/2014/02/12/worlds-100-biggest-banks-chinas-icbc-1-no-u-s-banks-in-top-5/| work=[[Forbes]]| date=February 12, 2014| first=Halah| last=Touryalai| access-date=August 18, 2017}}</ref> announced his retirement to be effective January 31, 2023, and Scott Thompson was named as his replacement.<ref name="REU">{{cite news| title=Scotiabank taps board member Thomson as CEO in surprise move |url=https://www.reuters.com/business/finance/scotiabank-names-scott-thomson-chief-executive-officer-2022-09-26/| work=[[Reuters]]| date=September 26, 2022| first=Mehnaz| last=Yazmin| access-date=January 13, 2023}}</ref>

==History==
[[File:William Lawson by Robert Field.png|upright|thumb|[[William Lawson (banker)|William Lawson]] served as the first president of the Bank of Nova Scotia, from 1832 to 1837.]]
[[File:Bank of Nova Scotia Building.png|thumb|The bank constructed its first building of its own on Hollis Street in Halifax in 1837.]]

=== 1832–1900: Founding and early development ===
The Bank of Nova Scotia was founded in 1832 in [[Halifax, Nova Scotia]], a [[British North America|British colony]] at that time. The bank was incorporated by the [[Legislative Assembly of Nova Scotia]] on March 30, 1832. [[William Lawson (banker)|William Lawson]] was the first president.<ref name="Pound 2005">{{cite book| title=Fitzhenry and Whiteside Book of Canadian Facts and Dates| last=Pound| first=Richard W.| publisher=Fitzhenry and Whiteside| year=2005| isbn=978-1554550098}}</ref> The bank intended to facilitate the trans-Atlantic trade of the time.<ref name="Scotiabank Story" /> Later, in 1883, the Bank of Nova Scotia acquired the Union Bank of Prince Edward Island, although most of the bank's expansion efforts in the century took the form of branch openings.<ref name="FU_history">{{cite web| url=http://www.fundinguniverse.com/company-histories/The-Bank-of-Nova-Scotia-Company-History.html| title=The Bank of Nova Scotia History| publisher=Funding Universe| access-date=August 18, 2017 |url-status=dead | archive-date=August 19, 2017 |archive-url=https://web.archive.org/web/20170819185831/http://www.fundinguniverse.com/company-histories/the-bank-of-nova-scotia-history/}}</ref>

The bank launched its [[branch (banking)|branch banking system]] by opening in [[Windsor, Nova Scotia|Windsor]], Nova Scotia. The expansion was limited to the [[Maritimes]] until 1882, when the bank moved west by opening a branch in [[Winnipeg]], which later closed, but the bank continued to expand into the [[Midwestern United States|American Midwest]]. This included opening a branch in [[Minneapolis]] in 1885, which later transferred to Chicago in 1892. Following the collapse of the Commercial Bank of Newfoundland and Union Bank of Newfoundland on December 10, 1894, the Bank of Nova Scotia established on December 15, 1894, in [[Newfoundland Colony|Newfoundland]].<ref name="Pound 2005"/>

The bank opened a branch in [[Kingston, Jamaica]], in 1889 to facilitate the trading of sugar, [[rum]], and fish. This was Scotiabank's first move into the Caribbean and historically the first branch of a Canadian bank to open outside of the United States or the United Kingdom.<ref name="Scotiabank Story"/><ref name="FU_history"/> In 1899, Scotiabank opened a branch in [[Boston]], [[Massachusetts]]. By the end of the 19th century, the bank was represented in all of the [[Maritimes]], [[Quebec]], [[Ontario]], and [[Manitoba]].

=== 1900–1960s: Expansion and domestic consolidation ===
In 1900, the bank moved its headquarters to [[Toronto]], Ontario.<ref>{{cite news| work=[[Toronto Star]]| date=May 3, 1904| page=12| url=https://www.proquest.com/docview/1437191566| title=Scotiabank| url-access=subscription| access-date=August 18, 2017| archive-date=August 19, 2017| archive-url=https://web.archive.org/web/20170819103430/http://pqasb.pqarchiver.com/thestar/doc/1437191566.html?FMT=CITE&FMTS=CITE&type=current&date=May+4%2C+1904&author=&pub=Toronto+Daily+Star+%281900-1971%29&edition=&startpage=12&desc=Page+12| id={{ProQuest|1437191566}}| url-status=live}}</ref><ref name="FU_history" />

The bank continued to grow with the opening of new branches in the early 20th century. In 1906, the Bank of Nova Scotia opened a branch in [[Havana]], Cuba, followed by a branch in [[New York City|Old City]] in the following year. In 1910, the bank opened a branch in [[San Juan, Puerto Rico]]. The bank also grew with the merger and acquisition of other banks, including the [[Bank of New Brunswick]] in 1913, and the Toronto-based Metropolitan Bank in 1914.<ref name="FU_history"/> The acquisition of Metropolitan Bank made the Bank of Nova Scotia the fourth largest financial institution in Canada at that time.<ref name="FU_history"/> In 1919, the bank amalgamated with the [[Bank of Ottawa]].<ref name="FU_history"/>

In 1919, the bank opened a branch in [[Fajardo, Puerto Rico|Fajardo]], Puerto Rico. In the following year, the bank opened a branch in London, and another in [[Santo Domingo, Dominican Republic|Santo Domingo]], Dominican Republic. The bank also saw growth in Cuba, with five branches in Havana, and one branch each in [[Camagüey]], [[Cienfuegos]], [[Manzanillo, Cuba|Manzanillo]], and [[Santiago de Cuba]] by 1931.{{Citation needed|date=August 2023}}

During the mid-20th century, the bank grew not only in size but also in breadth of products and services. Progress was conditioned by changing consumer needs, legal changes, or acquisitions of external service providers. Major changes include:<ref name="FU_history"/> Following the passage of the ''[[National Housing Act (Canada)|National Housing Act]]'', the Bank of Nova Scotia created a mortgage department in 1954. Further changes to the ''Bank Act of 1954'' in 1958 led to the bank introducing its consumer credit program.

The bank's branches in Cuba continued to operate until 1960, when the Government of Cuba nationalized all banks in Cuba, and the Bank of Nova Scotia withdrew its services from all eight branches. During the 1960s, the Bank of Nova Scotia became the first Canadian bank to appoint women as bank managers, with the first appointed on September 11, 1961.<ref name="Pound 2005"/> In the next year, the bank expanded into Asia with the opening of a Representative Office in Japan.<ref name="FU_history"/>

=== 1970s–1990s: International expansion ===
In 1975, the Bank of Nova Scotia adopted ''Scotiabank'' as its worldwide brand name. On September 28, 1978, Scotiabank and [[Canadian Union of Public Employees]] signed a collective agreement in Toronto, making Scotiabank the first Canadian bank to sign a collective agreement with a union.<ref name="Pound 2005"/>

In 1986, Scotiabank created Scotia Securities to provide discount brokerage and security underwriting services. The late 1980s and 1990s saw the bank acquire several firms, including [[McLeod Young Weir]] brokerage firm (co-founded by Donald Ivan McLeod, William Ewart Young, James Gordon Weir and John Henry (Harry) Ratcliffe in 1921)<ref>{{Cite web |url=http://www.scotiabank.com/cda/content/0,1608,CID11844_LIDen,00.html |title=Scotia Capital Inc |access-date=2010-01-23 |archive-date=2010-05-17 |archive-url=https://web.archive.org/web/20100517073830/http://www.scotiabank.com/cda/content/0,1608,CID11844_LIDen,00.html |url-status=dead }}</ref> in 1988, and Montreal Trustco Inc. in 1994.

=== 1997–2019: Previous metals leadership ===
In 1997, the bank acquired National Trust Company for Can$1.25&nbsp;billion.<ref>{{cite web |url=http://www.scotiabank.com/ca/en/0,,3039,00.html |title=National Trust Company |publisher=Scotiabank |accessdate=February 11, 2018}}</ref> In the same year, Scotiabank acquired Banco Quilmes in Argentina.

In 2000, Scotiabank increased its stake in Mexican bank Grupo Financiero Inverlat to 55 percent. The Mexican bank was subsequently renamed to Grupo Financiero Scotiabank Inverlat.<ref name="FU_history"/> Scotiabank later acquired [[Inverlat]] banking house in 2003, taking over all of its branches and establishing a strong presence in the country.<ref>{{Cite web|date=March 3, 2003|title=Scotiabank confirms offer for Mexican bank shares|url=https://www.investmentexecutive.com/news/industry-news/scotiabank-confirms-offer-for-mexican-bank-shares/|access-date=July 23, 2021|website=Investment Executive|language=en}}</ref>

In 2002, Scotiabank shut its branches (formerly Banco Quilmes) in Argentina during the currency crisis and massive [[sovereign default]]. In the following year, Scotiabank's Guangzhou branch was awarded the first licence to a Canadian bank by the Chinese government to deal in Chinese currency.<ref name="Pound 2005"/> In 2007, Scotiabank acquired a 24.98 per cent stake in [[Thanachart Bank]], with that share later increasing to 48.99 per cent by December 2014. With the acquisition of [[Siam City Bank]], Thanachart Bank is now the 6th largest bank (by assets) in Thailand with over 16,000 staff serving more than four million customers through 680 branches and 2,100 ATMs across the country.<ref>{{cite web| title=Bank's Profile| url=http://www.thanachartbank.co.th/TbankCMSFrontend/AboutUsenDetail.aspx?AboutID=1&AboutDetailID=1| website=Thanachart Bank| access-date=January 1, 2016}}</ref>

In 2010, the bank opened its first offices in [[Bogotá]], Colombia. On October 20, 2011, Scotiabank acquired a 51 per cent stake in {{Interlanguage link|Colpatria|es}}, Colombia's fifth largest bank and second largest issuer of credit cards, for $1&nbsp;billion Canadian in cash and stock (10 million shares). It is the second largest foreign transaction ever by a Canadian financial company overseas, behind [[Royal Bank of Canada]]'s purchase in Royal Bank of Trinidad and Tobago.<ref>{{cite news| last=Pasternak| first=Sean| title=Scotiabank Buys Colpatria in Biggest International Purchase| url=https://www.bloomberg.com/news/2011-10-20/scotiabank-to-buy-control-of-colombia-s-colpatria-lender-for-1-billion.html| work=[[Bloomberg Markets]]| access-date=October 22, 2011| date=October 20, 2011}}</ref>
[[File:Tangerine Bank cafe on Yonge Street.jpg|thumb|A [[Tangerine (bank)|Tangerine]] "cafe" in [[Toronto]]. Tangerine is a subsidiary of Scotiabank that was acquired in 2012.]]
In 2012, Scotiabank entered into an agreement to acquire ING Direct Bank of Canada from [[ING Groep|ING Groep N.V]]. Two years later, Scotiabank would acquire ING Direct Bank of Canada for Can$3.13 billion.<ref>{{cite news| title=Scotiabank to buy ING Bank of Canada for $3.13 billion in cash| url=http://www.ctvnews.ca/business/scotiabank-to-buy-ing-bank-of-canada-for-3-13-billion-in-cash-1.935199| archive-url=https://archive.today/20130110112404/http://www.ctvnews.ca/business/scotiabank-to-buy-ing-bank-of-canada-for-3-13-billion-in-cash-1.935199| url-status=dead| archive-date=January 10, 2013| work=[[CTV News Channel (Canadian TV channel)|CTV News Channel]]| date=August 29, 2012| agency=The Canadian Press}}</ref> The sale completed on November 15, 2012,<ref>{{cite news| title=ING completes sale of ING Direct Canada |url=https://www.reuters.com/article/2012/11/15/idUS140860+15-Nov-2012+HUG20121115 |website=Reuters |date=November 15, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20150924172026/http://www.reuters.com/article/2012/11/15/idUS140860+15-Nov-2012+HUG20121115 |archive-date=September 24, 2015}}</ref> and ING Bank of Canada was later renamed  [[Tangerine (bank)|Tangerine]] in April 2014.

As a result of the [[FATCA agreement between Canada and the United States]], signed between the two countries in 2014, Scotiabank has also spent almost $100 million implementing a controversial system to report to the United States the account holdings of close to one million Canadians of American origin and their Canadian-born spouses. Scotiabank has been forced to implement this system in order to comply with [[FATCA]]. According to [[Financial Post]], FATCA requires Canadian banks to provide information to the United States including total assets, account balances, account numbers, transactions, account numbers, and other personal identifying information, as well as assets held jointly with Canadian-born spouses and other family members.<ref>{{cite news| url=http://business.financialpost.com/2013/10/23/electronic-spying-a-big-issue-for-banks-scotia-ceo-waugh-says/| title=Electronic spying 'a big issue' for banks, Scotia CEO Waugh says| first=John| last=Greenwood| date=October 23, 2013| work=[[Financial Post]]}}</ref><ref>{{cite news| url=http://business.financialpost.com/fp-comment/dual-canadian-american-citizens-we-are-not-tax-cheats| title=Dual Canadian-American citizens: We are not tax cheats| work=Financial Post| first=Lynne| last=Swanson| access-date=August 18, 2017}}</ref>

On July 14, 2015, Scotiabank announced that it would buy [[Citigroup]]'s retail and commercial banking operations in Panama and Costa Rica. Terms of the transaction were not disclosed. The purchase would increase Scotiabank's client base in both countries from 137,000 to 387,000, and would add 27 branches to the existing 51 branches in both Central American nations.<ref>{{cite press release| title=Scotiabank expands in Central America| url=http://scotiabank.mwnewsroom.com/press-releases/scotiabank-to-acquire-citigroup-s-retail-and-comme-tsx-bns--11g047161-001| archive-url=https://web.archive.org/web/20150716180755/http://scotiabank.mwnewsroom.com/press-releases/scotiabank-to-acquire-citigroup-s-retail-and-comme-tsx-bns--11g047161-001| url-status=usurped| archive-date=July 16, 2015| publisher=Scotiabank| date=July 14, 2015}}</ref>

Scotiabank's former president, CEO and Chairman Cedric Ritchie died on March 20, 2016. He was a President of Scotiabank from 1972, and CEO and chairman from 1974 to 1995. Under his leadership, Scotiabank expanded into more than 40 countries and grew to 33,000 employees.<ref>{{cite news |title=Former Bank of Nova Scotia head Cedric Ritchie dies at 88 |url=https://www.theglobeandmail.com/report-on-business/former-bank-of-nova-scotia-head-cedric-ritchie-dies-at-88/article29321381/?ts=160322061627&ord=1| last=Kiladze |first=Tim |date=March 21, 2016 |work=The Globe and Mail |access-date=August 18, 2017}}</ref>

In 2017, Scotiabank join Enterprise [[Ethereum]] Alliance.<ref>[https://www.finextra.com/newsarticle/30853/mastercard-and-scotiabank-join-enterprise-ethereum-alliance Mastercard and Scotiabank join Enterprise Ethereum Alliance]</ref>

In 2018, Scotiabank acquired Montreal investment firm Jarislowsky Fraser, also in 2018 Scotiabank completed the acquisition of a 68.19 per cent stake in [[Banco Bilbao Vizcaya Argentaria|BBVA]] Chile for Can$2.9 billion, as a result [[Banco Bilbao Vizcaya Argentaria|BBVA]] Chile was merged into Scotiabank Chile.<ref>{{Cite web|date=July 9, 2018|title=Scotiabank completes acquisition of majority stake in BBVA Chile|url=https://www.nsbanking.com/news/scotiabank-completes-acquisition-of-majority-stake-in-bbva-chile/|access-date=July 30, 2020|website=NS Banking|language=en-US}}</ref> On February 21, 2019, the Prosecutor in the Central American country of [[Costa Rica]] raided Scotiabank's offices in [[San José, Costa Rica]], claiming that the bank had failed to provide the government with information on accounts and deposits that could allegedly implicate [[Alejandro Toledo]], the former president of [[Peru]], in money laundering.<ref>{{cite web|url=https://www.crhoy.com/nacionales/allanan-scotiabank-por-caso-de-alejandro-toledo/|title=Allanan Scotiabank por caso de Alejandro Toledo|access-date=May 17, 2019}}</ref> Later that year, in June 2019 it was announced that [[OFG Bancorp]] would acquire all branches of Scotiabank within Puerto Rico and the United States Virgin Islands territories as part of a $550 million cash deal.

In 2019, Scotiabank underwent a rebranding, modifying its wordmark logo and introducing a new corporate font based on its design, downplaying the company's S and globe monogram, and increasing use of the abbreviated name "Scotia".<ref>{{Cite web|url=https://www.underconsideration.com/brandnew/archives/new_logo_and_identity_for_scotiabank.php|title=No Love for the Globe|publisher=UnderConsideration|website=Brand New|language=en|access-date=February 19, 2020}}</ref>

=== 2020–present: Modern era and leadership changes ===
In 2022, the management tried to reduce the rate of [[remote work]].<ref name="Orland">{{cite news |last1=Orland |first1=Kevin |title=Scotiabank tells workers they'll be coming into the office more this fall |url=https://financialpost.com/fp-work/scotiabank-return-office-fall |access-date=28 November 2024 |work=Financial Post |date=September 2, 2022 |language=en}}</ref>

On February 14, 2024, [[Chief Executive Officer]] and Group Head, Global Banking and Markets Jake Lawrence left the bank after 22 years and joined the [[Power Corporation]] of [[Canada]]. His responsibilities are shared between Paul Scurfield to Global Head, Capital Markets, Global Banking and Markets, and Michael Kruse, acting as Interim Global Head, Corporate and Investment Banking, Global Banking and Markets.<ref>{{Cite web|language=en|url=https://www.newswire.ca/news-releases/scotiabank-announces-departure-of-jake-lawrence-paul-scurfield-and-michael-kruse-take-on-expanded-roles-817779390.html|title=Scotiabank announces departure of Jake Lawrence; Paul Scurfield and Michael Kruse take on expanded roles|website=Newswire|access-date=2024-02-27|archive-date=2024-02-28|archive-url=https://web.archive.org/web/20240228044926/https://www.newswire.ca/news-releases/scotiabank-announces-departure-of-jake-lawrence-paul-scurfield-and-michael-kruse-take-on-expanded-roles-817779390.html}}</ref>

In February 2024, Bank of Nova Scotia announced the creation of first indigenous-owned investment dealer in Canada. Cedar Leaf Capital is a partnership between two indigenous development corporations and one indigenous peoples corporation. Each side owns 23.3% of the shares and Scotiabank controls the rest. At the same time, the bank will reduce its share once Cedar Leaf Capital has established its production. This initiative will facilitate access by aboriginal people (5% of Canada's 40 million people) to investment and infrastructure development.<ref>{{Cite web|language=en|url=https://money.usnews.com/investing/news/articles/2024-02-23/scotiabank-to-set-up-canadian-investment-dealer-owned-by-indigenous-shareholders|title=Scotiabank to Set up Canadian Investment Dealer Owned by Indigenous Shareholders|website=US News|access-date=2024-02-27}}</ref>

In August 2024, Scotiabank and [[KeyBank|KeyCorp]] (a U.S. regional bank) announced that Scotiabank was purchasing 14.9% of KeyCorp for approximately $2.8 billion. The parties expect to complete the purchase upon the satisfaction of customary closing conditions and the receipt of Federal Reserve approval, which is expected to occur in the first quarter of 2025. As part of the transaction, KeyCorp and Scotiabank plan to explore commercial opportunities to partner together in the future to best serve their respective client bases.<ref>{{Cite web |date=2024-08-12 |title=Scotiabank announces agreement to acquire 14.9% equity interest in KeyCorp |url=https://finance.yahoo.com/news/scotiabank-announces-agreement-acquire-14-100000419.html |access-date=2024-08-12 |website=Yahoo Finance |language=en-US}}</ref>

In November 2024, some customers were unable to access their accounts for days.<ref name="Jones">{{cite news |last1=Jones |first1=Alexandra Mae |title=Some Scotiabank customers still unable to access accounts after 'scheduled maintenance' |url=https://www.cbc.ca/news/canada/scotiabank-outage-maintenance-1.7382937 |access-date=28 November 2024 |work=CBC News |date=Nov 13, 2024 |language=en-CA}}</ref>

In January 2025, the signing of an agreement to purchase the remaining stake (43.9%) in Scotiabank Colpatria (Colombia) is announced, in turn announcing a merger agreement in some Latin American countries through which Scotiabank will hold 20% of Davivienda, and the latter will absorb Scotiabank Colombia, Panama and Costa Rica, operations that in any case will be subject to regulatory approvals throughout 2025.

In June 2025, Scotiabank appointed Alton McDowell, formerly of JPMorgan Chase, as its Global Head of Corporate Banking.<ref>{{Cite web |last=Dobby |first=Christine |title=Scotiabank Hires JPMorgan's McDowell to Lead Corporate Banking |url=https://www.bloomberg.com/news/articles/2025-06-23/scotiabank-hires-jpmorgan-s-mcdowell-to-lead-corporate-banking?embedded-checkout=true |access-date=July 6, 2025 |website=Bloomberg}}</ref>

== Acquisitions and mergers ==
The bank has amalgamated with several other Canadian financial institutions through the years and purchased several other banks overseas.<ref name="Scotiabank Story"/><ref>{{cite encyclopedia| first=Deborah C.| last=Sawyer| url=http://www.thecanadianencyclopedia.ca/en/article/bank-of-nova-scotia/| title=Bank of Nova Scotia| encyclopedia=[[The Canadian Encyclopedia]]| date=November 16, 2016| publisher=Historica Canada| access-date=August 18, 2017}}</ref> Most have been rebranded since their acquisition, although a few continue to utilize their former names. Several branches of the former Montreal Trust and National Trust were rebranded Scotiabank & Trust, and continue to operate as such.
[[File:The Bank of Ottawa, Cobalt, Ontario (22969692376).jpg|thumb|A [[Bank of Ottawa]] branch in [[Cobalt, Ontario|Cobalt]]. The bank was acquired by the Bank of Nova Scotia in 1919.]] 
[[File:R-G building in San Juan (Puerto Rico).jpg|thumb|Headquarters for [[R & G Financial Corporation|R & G Financial]] in [[San Juan, Puerto Rico|San Juan]], 2006. R & G was later acquired by Scotiabank in 2010.]]
{| class="wikitable plainrowheaders" style="text-align:center"
|+ List of banks merged with or acquired by Scotiabank
|-
!scope="col"| Bank
!scope="col"| Year established
!scope="col"| Year of amalgamation
|-
!scope="row"| {{flagicon|CAN}} Union Bank of PEI
| 1860
| 1883
|-
!scope="row"| {{flagicon|CAN}} Summerside Bank
| 1866
| 1901
|-
!scope="row"| {{flagicon|CAN}} [[Bank of New Brunswick]]
| 1820
| 1913
|-
!scope="row"| {{flagicon|CAN}} Metropolitan Bank of Canada
| 1902
| 1914
|-
!scope="row"| {{flagicon|CAN}} [[Bank of Ottawa]]
| 1874
| 1919
|-
!scope="row"| {{flagicon|CAN}} [[Montreal Trust Company]]
| 1889
| 1994
|-
!scope="row"| {{flagicon|CAN}} [[National Trust Company]]
| 1898
| 1997
|-
!scope="row"| {{flagicon|UK}} [[ScotiaMocatta|Mocatta Bullion]]
| 1684
| 1997, Scotiabank acquires Mocatta Bullion from [[Standard Chartered]]
|-
!scope="row"| {{flagicon|MEX}} [[Inverlat]]<ref name=SM/>
| 1991
| 1992, Scotiabank acquires 5% stake
|-
!scope="row"| {{flagicon|CAN}} [[National Bank of Greece|National Bank of Greece (Canada)]]
| 1982
| 2005
|-
!scope="row"| {{flagicon|PER}} [[Banco Wiese Sudameris]]
| 1920
| 2006
|-
!scope="row"| {{flagicon|DOM}} Banco Intercontinental
| 1986
| 2003
|-
!scope="row"| {{flagicon|PER}} Banco Sudamericano
| 1991
| 1997, Scotiabank acquires 25% of Peru's Banco Sudamericano
|-
!scope="row"| {{flagicon|CAN}} [[E-Trade|E-Trade Canada]]
| 1982
| 2008
|-
!scope="row"| {{flagicon|CAN}} [[DundeeWealth]]
| 1998
| 2010
|-
!scope="row"| {{flagicon|US}} [[R & G Financial Corporation|R-G Premier Bank of Puerto Rico]]
| 1966
| 2010
|-
!scope="row"| {{flagicon|URY}} [[Nuevo Banco Comercial]]
| 2003
| 2011
|-
!scope="row"| {{flagicon|CAN}} [[ING Direct#ING Direct Canada|ING Direct Canada]]
| 1997
| 2012, rebranded to [[Tangerine Bank|Tangerine]] in 2013
|-
!scope="row"| {{flagicon|COL}} {{ill|Banco Colpatria|es|Colpatria#Grupo Scotiabank|vertical-align=sup}}
| 1955
| 2012, Scotiabank acquires 51% of the stakes in Banco Colpatria
|-
!scope="row"| {{flagicon|URY}} Discount Bank
|
| 2015, Scotiabank acquires Discount Bank Uruguay
|-
!scope="row"| {{flagicon|CAN}} [[Canadian Tire Financial Services|Canadian Tire Bank]]
| 2003
| 2014, Scotiabank acquires 20% stake
|-
!scope="row"| {{flagicon|CAN}} [[Jarislowsky Fraser]]
| 1955
| 2018
|-
!scope="row"| {{flagicon|CAN}} [[MD Financial Management]]
| 1957
| 2018
|-
!scope="row"| {{flagicon|CHL}} [[BBVA Chile]]
| 1883
| 2018, Scotiabank acquires 68.19% stake
|-
!scope="row"| {{flagicon|COL}} {{flagicon|PAN}} {{flagicon|CRI}} {{flagicon|HON}} {{flagicon|SLV}} [[Davivienda]]
| 1972
| 2025, Scotiabank acquires 20% of the stakes in Banco Davivienda, Davivienda absorb Scotiabank operations in Colombia, Panama and Costa Rica
|}

==Operating units==
Scotiabank has four business lines:<ref>{{cite web| title=Corporate Profile |url=http://www.scotiabank.com/ca/en/0,,464,00.html| publisher=Scotiabank| access-date=October 1, 2013}}</ref>
* '''Canadian Banking''' provides financial advice and banking to personal and business customers across Canada. Scotiabank also provides an alternative self-directed banking method through [[Tangerine Bank]].
* '''International Banking''' provides financial products and advice to retail and commercial customers in select regions outside of Canada, supplemented by additional products and services offered by Global Banking & Markets and Global Wealth & Insurance.
* '''Global Wealth & Insurance (GWI)''' combines the Bank's wealth management and insurance operations in Canada and internationally, and Global Transaction Banking. GWI is diversified across geographies and product lines.
* '''Global Banking & Markets''', Scotiabank's wholesale banking and capital markets arm, offers various products and services to corporate, government and institutional investor clients globally.

{| class="wikitable" style="text-align:right"
|+ Financial highlights, by year<ref name="AR2016">{{cite web| title=Annual Reports| publisher=Scotiabank| url=https://www.scotiabank.com/ca/en/about/investors-shareholders/annual-report-and-meeting/archives.html}}</ref>
!scope="col"| Measure
!scope="col"| 2001
!scope="col"| 2002
!scope="col"| 2003
!scope="col"| 2004
!scope="col"| 2005
!scope="col"| 2006
!scope="col"| 2007
!scope="col"| 2008
!scope="col"| 2009
!scope="col"| 2010
!scope="col"| 2011
!scope="col"| 2012
!scope="col"| 2013
!scope="col"| 2014
!scope="col"| 2015
!scope="col"| 2016
!scope="col"| 2017
!scope="col"| 2018 
|-
!scope="row"| Revenues, {{abbr|bn|billion}} Can$
| 10.365 || 10.727 || 10.261 || 10.295 || 10.726 || 11.208 || 12.490 || 11.876 || 14.457 || 15.505 || 17.310 || 19.646 || 21.299 || 23.604 || 24.049 || 26.350 || 27.155 || 28.775
|-
!scope="row"| Net income, bn $
| 2.077 || 1.708 || 2.422 || 2.908 || 3.209 || 3.579 || 4.045 || 3.140 || 3.547 || 4.239 || 5.330 || 6.390 || 6.610 || 7.298 || 7.213 || 7.368 || 8.243 || 8.724
|-
!scope="row"| Assets, bn $
| 284.4 || 296.4 || 285.9 || 279.2 || 314.0 || 379.0 || 411.5 || 507.6 || 496.5 || 526.7 || 594.4 || 668.2 || 743.6 || 805.7 || 856.5 || 896.3 || 915.3 || 998.5
|-
!scope="row"| Employees
| 46,804 || 44,633 || 43,986 || 43,928 || 46,631 || 54,199 || 58,113 || 69,049 || 67,802 || 70,772 || 75,362 || 81,497 || 86,690 || 86,932 || 89,214 || 88,901 || 88,645 || 97,629
|-
!scope="row"| Branches
| 2005 || 1847 || 1850 || 1871 || 1959 || 2191 || 2331 || 2672 || 2686 || 2784 || 2926 || 3123 || 3330 || 3288 || 3177 || 3113 || 3003 || 3,095
|}
{|class="wikitable"
|+ Senior debt credit ratings (May 2014)
|-
!scope="col"| Agency
!scope="col" colspan="2"| Rating
|-
!scope="row"| DBRS
| AA || Stable
|-
!scope="row"| Fitch
| AA- || Stable
|-
!scope="row"| Moody's
| Aa2 || Stable
|-
!scope="row"| Standard & Poor's
| A+ || Stable
|}

===Branch and office locations===
====Canadian====
[[File:Emily Carr Branch Library, Victoria, British Columbia, Canada 01.jpg|thumb|A Scotiabank branch next to a public library in [[Victoria, British Columbia|Victoria]], Canada]]
Scotiabank operates branches in all [[Canadian provinces and territories]], except for [[Nunavut]].

====Global====
[[File:Holetown Scotiabank, Barbados.jpg|thumb|A Scotiabank branch in [[Holetown]], Barbados]]
{{col div|colwidth=18em}}
* {{ARU}}
* {{AUS}}
* {{BAH}}
* {{BAR}}
* {{BRA}}
* {{CAY}}
* {{CHI}}
* {{CHN}}
* {{COL}}
* {{CRI}}
* {{CUB}}
* {{CUW}}
* {{DOM}}
* {{EGY}}
* {{FRA}}
* {{GUY}}
* {{HKG}}
* {{IND}}
* {{IRL}}
* {{JAM}}
* {{ROK}}
* {{LUX}}
* {{MYS}}
* {{MEX}}<ref name=SM>{{Cite web|url=https://www.advratings.com/companies/scotiabank-mexico|title=Scotiabank Mexico (Scotiabank Inverlat S.A.) – Company Profile|website=www.advratings.com}}</ref>
* {{NLD}}
* {{PAN}}
* {{PER}}
* {{RUS}}
* {{flag|Sint Eustatius}}
* {{SGP}}
* {{TWN}}
* {{THA}}
* {{TTO}}
* {{TUR}}
* {{TCA}}
* {{GBR}}
* {{URY}}
* {{ARE}}
* {{VEN}}
* {{VIE}}
{{col div end}}

==Controversies==
=== Major investor in UN-blacklisted Israeli bank and arms manufacturer ===
One of Scotiabank mutual funds is the largest foreign investor of the UNHRC-blacklisted Israeli bank Mizrahi Tefahot Bank,<ref>[https://www.ohchr.org/en/hr-bodies/hrc/regular-sessions/session31/database-hrc3136]</ref> which invests in illegal settlements in Palestinian Territories. The same mutual fund is also heavily invested in the Israeli weapon manufacturer Elbit;.<ref>{{cite web | url=https://www.bnnbloomberg.ca/scotiabank-draws-ire-for-holding-shares-in-israeli-defense-firm-1.1829560 | title=BNN Bloomberg – Canada Business News, TSX Today and Interest Rates }}</ref> Elbit also provides surveillance system in the West Bank, and has a spying-tool division that has been involved in spying on journalists.<ref>[[Elbit Systems#Spyware]]</ref>

1832 Asset Management, a division of Scotiabank's Dynamic Fund held 5 per cent of Elbit, valued at about US$440 million, until May 14, 2024, when it disclosed in a regulatory filing that the halved their investments to 2.5 per cent, valued at about US$237.6 million.<ref>{{cite news |last= Balu |first= Nivedita |date= May 14, 2024|title= Scotiabank's fund unit halved stake in Israeli weapons maker Elbit, filing shows |url= https://www.reuters.com/business/finance/scotiabanks-fund-unit-halved-stake-israeli-weapons-maker-elbit-filing-shows-2024-05-14/ |work= Reuters |access-date= June 5, 2024}}</ref> These investments raises major concerns, for the following reasons:

* The investments in UN blacklisted bank and arms manufacturer go against Scotiabank's own ESG rules
* The Dynamic Global Discovery Fund is investing about 12% in just two companies (one UN-blacklisted): excessive and speculative for two smallcap companies<ref>{{cite web | url=https://funds.dynamic.ca/fundprofiles/en-US/H5EK/A/CAD | title=Dynamic Global Discovery Fund - Series A }}</ref>
* The fund does not mention in its filings that it is highly speculative, due to fact that its 12% stake are a UN-blacklisted company and a controversial arm manufacturer

===Fraud in Mexico===
A 2001 investigation into the murder of Maru Oropesa, a Scotiabank branch manager in Mexico City, revealed US$14 million missing from the branch. Initially, investigators found that Oropesa and Jaime Ross, her former boss, had illegally transferred US$5 million from client investment accounts. The money was eventually transferred to the United States where it was used to purchase three aircraft. As the investigation continued, officials found an additional $9 million missing and involvement of 16 other bank employees in the fraud.<ref name="fifthestate">{{cite episode |url=http://www.cbc.ca/fifth/episodes/2013-2014/the-murder-and-the-money-trail |title=The Murder and the Money Trail |last=Culbert |first=Andrew |air-date=October 18, 2013 |series=The Fifth Estate |network=[[Canadian Broadcasting Corporation|CBC]] |series-link=The Fifth Estate (TV series) |access-date=August 18, 2017}}</ref><ref>{{cite news |last=Sisler |first=Julia |date=October 19, 2013 |title=Scotiabank manager's death probe reveals multimillion-dollar fraud |work=[[CBC News]] |url=http://www.cbc.ca/news/scotiabank-manager-s-death-probe-reveals-multimillion-dollar-fraud-1.2125652 |access-date=August 18, 2017}}</ref> Ross was convicted of fraud and money laundering for his role and sentenced to 15 years.<ref>{{cite journal |last=Stewart |first=Art |date=November 11, 2013 |title=Murder of Bank Manager Tied to Fraud |url=https://iaonline.theiia.org/murder-of-bank-manager-tied-to-fraud |journal=Internal Auditor |access-date=August 18, 2017}}</ref>  Scotiabank terminated the other 16 employees, but did not prosecute them.<ref name="fifthestate" />

===Unpaid overtime lawsuit===
In 2014, the bank reached a settlement in a class-action lawsuit that covered thousands of workers owed more than a decade of unpaid overtime. The lawsuit included 16,000 Scotiabank employees across Canada who worked as personal banking officers, senior personal banking officers, financial advisors, and small business account managers from January 1, 2000, to December 1, 2013. The 2007 lawsuit was similar to a class-action filed by [[Canadian Imperial Bank of Commerce]] (CIBC) bank teller Dara Fresco of Toronto.

Under terms of the settlement, employees received 1.5 times their standard wage at the time, but no interest. Scotiabank also paid legal fees of $10.45 million.<ref name="settlement">{{cite news |last=Acharya-Tom Yew |first=Madhavi |date=August 12, 2014 |title=Ontario court approves settlement deal for unpaid overtime at Scotiabank |newspaper=[[Toronto Star]] |url=https://www.thestar.com/business/economy/2014/08/12/ontario_court_approves_settlement_deal_for_unpaid_overtime_at_scotiabank.html |access-date=August 18, 2017}}</ref><ref name="CTV">{{cite news |last=Maurino |first=Romina |date=July 24, 2014 |title=Scotiabank agrees to settle in overtime lawsuit |work=[[CTV News]] |agency=[[The Canadian Press]] |url=https://www.ctvnews.ca/business/article/scotiabank-agrees-to-settle-in-overtime-lawsuit/}}</ref>

===Wrongful dismissal lawsuit===
In June 2005, David Berry, a very successful Canadian Scotiabank trader who had built a $75 million/year business in trading preferred shares, was fired on the grounds that he had committed securities regulatory violations.<ref>{{cite news |last=Critchley |first=Barry |date=July 13, 2005 |title=In defence of David Berry |newspaper=[[National Post]] |url=http://www.investorvoice.ca/Scandals/Berry/Berry_13July05.htm |access-date=August 18, 2017}}</ref> At the time, as part of a 20 per cent direct drive deal, he was making more than double the CEO's salary and Scotiabank management had already taken steps to limit his compensation.<ref name="Toronto Life">{{cite news |last=Finkle |first=Derek |date=June 1, 2008 |title=The Trader's Revenge |work=[[Toronto Life]] |url=http://www.torontolife.com/features/traders-revenge/}}</ref> The regulatory violation allegations from his former employer, left him unemployable to Scotiabank's competitors despite the appeal of potentially adding more than $75 million/year to their equity trading profits.<ref name="Toronto Life" />

Documents delivered to the media showing that Scotiabank management had sought advice on terminating Berry prior to the [[Investment Industry Regulatory Organization of Canada]] (IIROC) violation accusation, and the results of questioning during the IIROC inquiries strongly suggest that the securities charges were part of a plan by Scotiabank senior management to remove Berry from his position and simultaneously prevent him from becoming their competitor.<ref name="Fallout">{{cite news |last=Critchley |first=Barry |date=October 19, 2012 |title=Scotiabank explored fallout of cutting star trader's $15M pay months before he was fired, documents suggest |work=Financial Post |url=http://business.financialpost.com/2012/10/19/scotiabank-explored-fallout-of-cutting-star-traders-15m-pay-months-before-he-was-fired-documents-suggest/}}</ref>

In a ruling on January 15, 2013, more than seven years after the initial accusation, a hearing panel of the IIROC dismissed all charges against Berry.<ref name="IIROC Decision">{{cite press release |title=In the matter of David Berry – Discipline Decision |publisher=IIROC |url=http://www.iiroc.ca/Documents/2013/78d620aa-8be7-4829-a60a-b4e4452d6412_en.pdf |date=January 17, 2013}}</ref><ref name="FP Street">{{cite news |last=Critchley |first=Barry |date=January 16, 2013 |title=Former top Scotiabank trader cleared of allegations that led to his $100M wrongful dismissal lawsuit |work=Financial Post |url=http://business.financialpost.com/2013/01/15/iiroc-charges-against-david-berry-dismissed/ |access-date=August 18, 2017}}</ref>

David Berry filed a $100 million [[wrongful dismissal]] lawsuit against Scotiabank. As of January 2015, and nine years after Berry was terminated, Scotiabank settled with Berry for an undisclosed amount. Barry Critchley, who followed the story since its beginning, wrote an article on November 6, 2014, in which he believes Scotiabank's $55 million reported legal charges would likely be connected to the $100 million lawsuit; but it is unlikely to ever be known.<ref name="Financial Post">{{cite news |last=Critchley |first=Barry |date=November 6, 2013 |title=Could Scotiabank's $55-million legal charge be linked to dismissed trader Dave Berry's lawsuit? |work=[[Financial Post]] |url=http://business.financialpost.com/2014/11/06/could-scotiabanks-55-million-legal-charge-be-linked-to-dismissed-trader-dave-berrys-lawsuit/ |access-date=August 18, 2017}}</ref>

==Sponsorship==
===Sports===
[[File:Final CONCACAF 34.jpg|thumb|upright|The [[CONCACAF Champions League]] trophy. Scotiabank is the title sponsor for the event.]]
Scotiabank is the title sponsor for a number of sports events including the Calgary Marathon, the [[CONCACAF Champions League]] tournament (since 2015), and the Jewish National Fund's "Pitch for Israel" event. Scotiabank is also the title sponsor for running events that form a part of the Canada Running Series. They include Banque Scotia 21k de Montreal + 10k & 5k in April; Scotiabank Vancouver Half-Marathon & 5k Run/Walk in June; Scotiabank [[Toronto Waterfront]] Marathon, Half-Marathon & 5k in October; and the Scotiabank Bluenose Marathon.<ref>{{cite web| url=http://canadarunningseries.com/#races| title=Races|  publisher=Canada Running Series| access-date=August 18, 2017}}</ref> Since 2005, Scotiabank has also been the title sponsor of the CFL playoffs semi-final and conference final games, with games titled as the Scotiabank East Semi-finals and Scotiabank West Semi-finals. This is in addition to being the official financial services provider to the [[Canadian Football League]]. Scotiabank was also a primary sponsor for Champion Boxer [[Miguel Cotto]] during his 2009 bout with [[Manny Pacquiao]].

Scotiabank also sponsors sports leagues and teams, becoming a sponsor for [[Club Deportivo Guadalajara]] in 2013, and becoming the official sponsor for the [[Chilean Primera División]] after signing a five-year period contract in 2014. Scotiabank is also the official bank of the [[National Hockey League]] and [[National Hockey League Players' Association]].<ref>{{cite press release |date=January 28, 2012 |url=https://www.nhl.com/news/scotiabank-and-nhl-announce-partnership-renewal/c-614127 |title=Scotiabank and NHL announce partnership renewal |publisher=NHL |access-date=August 18, 2017}}</ref> It was named official bank of the [[2007 Cricket World Cup]].<ref>{{cite news| url=https://www.stabroeknews.com/2010/opinion/letters/01/06/article-462-of-the-collective-labour-agreement-acknowledges-that-there-will-be-strikes/| title=Article 46(2) of the Collective Labour Agreement acknowledges that there will be strikes| work=[[Stabroek News]]| location=Guyana| date=January 6, 2010| access-date=August 18, 2017}}</ref>{{Failed verification|date=June 2023}} In 2010, Scotiabank was a sponsor of the World Rally Championship's [[Corona Rally Mexico]]. Since 2008, Scotiabank has been the official team sponsor of the [[Canada national cricket team|Canadian cricket Team]] and the title sponsor of National T20 Championship in [[Cricket Canada|Canada]].
Scotiabank is also the official bank of the [[West Indies cricket team]].<ref>{{cite web|url=https://tt.scotiabank.com/about-scotiabank/giving-back/scotiabank-kiddy-cricket.html|title=Scotiabank Kiddy Cricket in Trinidad and Tobago|publisher=Scotiabank Trinidad and Tobago|website=tt.scotiabank.com|access-date=December 10, 2020|archive-date=October 30, 2020|archive-url=https://web.archive.org/web/20201030110117/https://tt.scotiabank.com/about-scotiabank/giving-back/scotiabank-kiddy-cricket.html|url-status=dead}}</ref><ref>{{cite web|url=https://m.youtube.com/watch?v=YcpgX-v7k3o |archive-url=https://ghostarchive.org/varchive/youtube/20211221/YcpgX-v7k3o |archive-date=December 21, 2021 |url-status=live|title=Scotiabank Kiddy Cricket – The Dream|date=April 23, 2015|publisher=Scotiabank Caribbean|website=YouTube }}{{cbignore}}</ref>[[File:Calgary, September 2015 (66) (21066808744).jpg|thumb|left|The [[Scotiabank Saddledome]] in [[Calgary]]. The bank has held the arena's naming rights since October 2010.]]<br />
[[File:Scotiabank Arena - 2018 (cropped).jpg|thumb|left|The [[Scotiabank Arena]] in [[Toronto]]. The bank has held the arena's naming rights since July 2018.]]
Scotiabank is also the title sponsor for a number of athletic facilities. They include the [[Scotiabank Aquatics Center]] in [[Zapopan, Mexico]]; [[Scotiabank Saddledome]] in [[Calgary]] (since October 8, 2010); and the [[Scotiabank Centre]] in Halifax (since June 25, 2014). The [[naming rights]] for the Scotiabank Centre was signed for ten years, with annual fees of $650,000 for said rights.<ref>{{cite news| url=http://thechronicleherald.ca/metro/1218218-scotiabank-wins-naming-rights-for-halifax-metro-centre| title=Scotiabank wins naming rights for Halifax Metro Centre| last=Bundale| first=Brett| work=[[The Chronicle Herald]]| location=Halifax| date=June 25, 2014| access-date=August 18, 2017}}</ref> The facility officially opened its doors as the rebranded Scotiabank Centre on September 19, 2014.<ref>{{cite press release| title=Rebranded Scotiabank Centre Opens| url=https://novascotia.ca/news/release/?id=20140919004| date=May 19, 2014| publisher=Halifax Regional Municipality}}</ref> On August 29, 2017, Scotiabank and [[Maple Leaf Sports & Entertainment]], announced that Scotiabank purchased the naming rights to the Air Canada Centre in Toronto for $800 million, a record-setting deal described as "one of the biggest investments in naming rights in North America".<ref>{{cite news| title=Scotiabank pays big for arena naming rights, but did it break the bank?| url=https://www.cbc.ca/news/business/scotiabank-arena-naming-rights-1.4271688 | date=September 4, 2017| publisher=CBC News}}</ref><ref>{{cite news| title=Toronto's Air Canada Centre to be renamed Scotiabank Arena in $800-million deal | url=https://www.theglobeandmail.com/report-on-business/torontos-air-canada-centre-to-be-renamed-scotiabank-arena-in-800-million-deal/article36116070/ | publisher=The Globe and Mail}}</ref> The multi-sport complex was renamed July 1, 2018, as [[Scotiabank Arena]].<ref>{{cite news| url=http://torontosun.com/2017/08/29/air-canada-centre-to-be-renamed-scotiabank-arena/wcm/992b7c2d-d35c-4047-8005-f9fd700710d4 |title=Air Canada Centre to be renamed Scotiabank Arena| newspaper=[[Toronto Sun]]| last=Hornby| first=Lance| date=August 29, 2017| access-date=May 19, 2018}}</ref> From 2006 through 2013, Scotiabank held the naming rights to the arena of the [[Ottawa Senators]], branding it [[Scotiabank Place]]. [[Canadian Tire]] took over the naming rights for the Senators' arena in June 2013.<ref name=global>{{cite news| title=Scotiabank Place becomes Canadian Tire Centre| first=Lisa| last=Wallace| url=http://globalnews.ca/news/650934/scotiabank-place-becomes-canadian-tire-centre/| work=[[Global News]]| agency=The Canadian Press| date=June 18, 2013| access-date=August 18, 2017}}</ref> In 2022, Scotiabank acquired the naming rights to the [[Hockey for All Centre|Bell MTS Iceplex]] near Winnipeg; rather than use the Scotiabank name, the facility is instead branded as Hockey for All Centre, as an extension of a diversity and inclusion campaign of the same name.<ref>{{Cite web |date=2022-11-14 |title=Iceplex rebranded hockey for all centre |url=https://www.winnipegfreepress.com/breakingnews/2022/11/14/iceplex-rebranded-hockey-for-all-centre |access-date=2023-06-19 |website=Winnipeg Free Press |language=en-US}}</ref><ref>{{Cite web |title=Jets, Moose practice facility just west of Perimeter gets new name |url=https://globalnews.ca/news/9276428/jets-moose-practice-facility-iceplex-new-name/ |access-date=2023-06-19 |website=CJOB |language=en-US}}</ref>

===Culture===
Scotiabank has been a title sponsor for a number of cultural events and institutions in Canada. In 2005, Scotiabank became title sponsor of the [[Giller Prize]].<ref name=Giller>{{cite web| title=Prize History| url=http://www.scotiabankgillerprize.ca/about/prize-history/| publisher=Scotiabank Giller Prize| access-date=August 18, 2017}}</ref> From 2006 to 2015, Scotiabank was the title sponsor for the [[Nuit Blanche]] event in Toronto.<ref name=support>{{cite news| title=Scotiabank drops support for three more Toronto events| url=https://beta.theglobeandmail.com/report-on-business/industry-news/marketing/scotiabank-drops-support-for-three-more-toronto-events/article26807770/| last=Krashinsky| first=Susan| date=October 14, 2015| work=The Globe and Mail| access-date=August 18, 2017}}</ref> In 2008, Scotiabank announced a two-year sponsorship of Toronto's Caribana which would be rebranded as [[Scotiabank Caribbean Carnival Toronto]]. The sponsorship of the Caribbean festival was extended until 2015, when the partnership with the festival ended.<ref name=support/> In 2016 Scotiabank held its first hackathon with the goal of solving Canadian debt.

[[File:Scotiabank Theatre St. John’s.jpg|thumb|Several [[Cineplex Entertainment]] theatres have been branded as "Scotiabank Theatre" since 2007.]]
Scotiabank and Canadian theatre operator [[Cineplex Entertainment]] partnered in 2007 to create a loyalty rewards program called [[Scene+]]. The program allows patrons to sign up for a special card that grants them points which can be redeemed for free movies or concession discounts. Scotiabank customers can also request a debit card which gives them points when used, and a Visa credit card was launched in early May. Five Cineplex Entertainment locations were also rebranded as "Scotiabank Theatres". In 2015, the two companies announced they extended the partnership through October 31, 2025, and would expand naming rebrand another five theatres as Scotiabank Theatres.<ref>{{cite press release| url=http://www.marketwired.com/press-release/cineplex-and-scotiabank-announce-10-year-extension-of-scene-loyalty-program-tsx-bns-2071075.htm| title=Cineplex and Scotiabank Announce 10-Year Extension of SCENE Loyalty Program| publisher=Scotiabank and Cineplex| date=November 6, 2015| access-date=August 18, 2017| archive-date=August 19, 2017| archive-url=https://web.archive.org/web/20170819104951/http://www.marketwired.com/press-release/cineplex-and-scotiabank-announce-10-year-extension-of-scene-loyalty-program-tsx-bns-2071075.htm| url-status=dead}}</ref> On December 14, 2021, the new [[Scene+]] program was launched.  It merged Scene and Scotia Rewards points.<ref>{{Cite press release|title=Scotiabank and Cineplex Transform Loyalty Landscape in Canada with the Launch of Scene+ |url=https://www.newswire.ca/news-releases/scotiabank-and-cineplex-transform-loyalty-landscape-in-canada-with-the-launch-of-scene--890617084.html |date=14 December 2021 |publisher=Scotiabank |via=Cision}}</ref>

Scotiabank is also the title sponsor for two post-secondary facilities in Canada, including Scotiabank Hall at [[Brock University]] in [[St. Catharines, Ontario|St. Catharines]];<ref name=Brock>{{cite web| title=Scotiabank Hall| url=http://www.brocku.ca/blogs/campus-map/scotiabank-hall/| publisher=Brock University| access-date=August 18, 2017}}</ref> and Scotiabank Hall in the Marion McCain Arts and Social Sciences Building at [[Dalhousie University]] in [[Halifax, Nova Scotia|Halifax]].<ref name=2003pac>{{cite web| title=2003 Public Accountability Statement| url=http://cgi.scotiabank.com/pas2003/en/communities/education.html| access-date=August 18, 2017| archive-date=December 4, 2018| archive-url=https://web.archive.org/web/20181204115802/http://cgi.scotiabank.com/pas2003/en/communities/education.html| url-status=dead}}</ref> Scotiabank has also established an industry partnership with the [[University of Waterloo Stratford Campus]].<ref>{{cite press release| url=https://uwaterloo.ca/news/news/scotiabank-funds-environment-related-scholarships-and-international-development-work| title=Scotiabank funds environment-related scholarships and international development work| publisher=University of Waterloo| date=May 25, 2011| access-date=August 18, 2017}}</ref>

==Awards==
* 2005 – "Bank of the Year" – For [[Mexico]], the Caribbean and in [[Jamaica]] by [[LatinFinance]].<ref>{{cite web |url=http://cgi.scotiabank.com/annrep2005/en/rbl_ib.html |title=International Banking |publisher=Scotiabank |access-date=August 18, 2017 |archive-url=https://web.archive.org/web/20170215034112/http://cgi.scotiabank.com/annrep2005/en/rbl_ib.html |archive-date=February 15, 2017 |url-status=dead}}</ref>
* 2007 – "Bank of the Year" ''The Banker'' – London England, Scotiabank Trinidad and Tobago, Scotiabank Belize, Scotiabank Turks and Caicos
* 2008 – "Bank of the Year" ''The Banker'' – London England, Scotiabank Barbados, Scotiabank Trinidad and Tobago, Scotiabank Guyana, Scotiabank Turks and Caicos
* 2009 – "Bank of the Year" ''The Banker'' – London England, Scotiabank Canada, Scotiabank Barbados, Scotiabank Dominican Republic, Scotiabank Trinidad and Tobago, Scotiabank Turks and Caicos
* 2010 – "Bank of the Year" ''[[The Banker (journal)|The Banker]]'' – London England, Scotiabank Barbados, Scotiabank Trinidad and Tobago, Scotiabank Turks and Caicos
* 2011 – "Best Emerging Market Bank" ''Global Finance'' Magazine – New York, Scotiabank Jamaica, Scotiabank Barbados, Scotiabank Costa Rica, Scotiabank Turks and Caicos.<ref>{{cite news |url=http://www.gfmag.com/tools/best-banks/11150-worlds-best-emerging-market-banks-2011-in-latin-america.html#axzz2pLvlfCVK |title=World's Best Emerging Market Banks 2011 in Latin America |first=Joseph |last=Giarraputo |work=[[Global Finance (magazine)|Global Finance]] |access-date=August 18, 2017}}</ref>
* 2012 - "Global Bank of the Year" ''The Banker'' "Bank of the Year" for the Americas, Antigua, Barbados, Belize, British Virgin Islands, Canada and Turks and Caicos.<ref>{{cite web |url=http://www.thebanker.com/Awards/Bank-of-The-Year-Awards/The-Banker-Awards-2012-Global-and-regional-winners |title=The Banker Awards 2012 – Global and regional winners |work=TheBanker |date=November 29, 2012 |access-date=August 18, 2017 |url-access=subscription}}</ref>
* 2013 – "Bank of the Year" in British Virgin Islands, Canada, Guyana, Jamaica and Trinidad and Tobago by ''The Banker''.<ref>{{cite press release| url=http://www.scotiabank.com/tt/en/0,,8434,00.html |title=Scotiabank Trinidad and Tobago Named Bank of the Year 2013 |publisher=Scotiabank |access-date=August 18, 2017 |date=November 29, 2013}}</ref>
* 2014 – "Best Emerging Market Bank in Latin America" ''Global Finance'' Magazine in Jamaica, Barbados, Trinidad & Tobago, Turks and Caicos and U.S. Virgin Islands.<ref>{{cite news |url=http://www.gfmag.com/tools/best-banks/12959-worlds-best-emerging-markets-banks-in-latin-america-2014.html#axzz2xAt4kHZl |title=World's Best Emerging Markets Banks in Latin America 2014 |work=Global Finance |date=March 18, 2014 |access-date=August 18, 2017}}</ref>

==Membership==
Scotiabank is a member of the [[Canadian Bankers Association]] (CBA) and registered member with the [[Canada Deposit Insurance Corporation]] (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of the [[Global ATM Alliance]], a joint venture of several major international banks that allows customers of the banks to use their [[Automated teller machine|ATM]] cards or [[Debit card|check card]]s at certain other banks within the Global ATM Alliance without fees when traveling internationally. Other participating banks are [[Barclays]] (United Kingdom), [[Bank of America]] (United States), [[BNP Paribas]] (France and [[Ukraine]] through [[UkrSibbank]]), [[Deutsche Bank]] (Germany), and [[Westpac]] (Australia and New Zealand).<ref name="SB_GATMA">{{cite web| url=http://www.scotiabank.com/cda/content/0,1608,CID8040_LIDen,00.html| website=Scotiabank| title=Automated Banking Machine (ABM)| access-date=August 18, 2017| archive-url=https://web.archive.org/web/20100507054638/http://www.scotiabank.com/cda/content/0,1608,CID8040_LIDen,00.html| archive-date=May 7, 2010| url-status=dead}}</ref> Other international associations of which the bank is a member include:
{{col div}}
* [[American Express|Amex]] in Canadian markets
* [[CarIFS]] ATM Network
* [[Global ATM Alliance]]
* [[Interac]]
* [[MAGNA Rewards]] as part of the Scotiabank MAGNA MasterCard.
* [[MasterCard]] in the Caribbean markets
* [[MultiLink Network]] ATM network<ref>{{cite web |url=http://multilinkdebit.com/ |title=MultiLink Debit Network |publisher=J.E.T.S Ltd |date=July 25, 2004 |url-status=unfit |archive-url=https://web.archive.org/web/20130620181354/http://multilinkdebit.com/ |archive-date=June 20, 2013}}</ref>
* [[NYCE]] ATM Network
* [[Plus Network]] for VISA card users
* [[VISA (credit card)|VISA]] International
* [[United Nations Environment Programme Finance Initiative|UNEPFI]] as part of the Net Zero Banking Alliance initiative
{{col div end}}

== Leadership ==

=== President ===

# [[William Lawson (banker)|William Lawson]], 1832–1837
# [[Mather Byles Almon]], 1837–1870
# James Donaldson, 1870–1871
# [[John Doull (banker)|John Doull]], 1871–1872
# [[Andrew Mitchell Uniacke]], 1872–1874
# John S. Maclean, 1874–1889
# [[John Doull (banker)|John Doull]], 1889–1899
# Jarius Hart, 1899
# [[John Young Payzant]], 1899–1918
# Charles Archibald, 1918–1923
# [[George S. Campbell|George Stewart Campbell]], 1923–1927
# [[Samuel J. Moore|Samuel John Moore]], 1927–1934
# [[John Andrew McLeod]], 1934–1945
# [[Herbert D. Burns|Herbert Deschamps Burns]], 1945–1949
# Horace Luttrell Enman, 1949–1956
# [[C. Sydney Frost|Charles Sydney Frost]], 1956–1958
# Frank William Nicks, 1958–1970
# [[Arthur Holmes Crockett]], 1970–1972
# [[Cedric Ritchie|Cedric Elmer Ritchie]], 1972–1979
# [[J. A. Gordon Bell|John Alexander Gordon Bell]], 1979–1992
# [[Peter Godsoe|Peter Cowperthwaite Godsoe]], 1992–2003
# [[Richard E. Waugh|Richard Earl Waugh]], 2003–2013
# [[Brian J. Porter|Brian Johnston Porter]], 2013–2022
# [[L. Scott Thomson|Lawren Scott Thomson]], 2022–

=== Chairman of the Board ===

# [[Samuel J. Moore|Samuel John Moore]], 1933–1945
# [[John Andrew McLeod]], 1945–1946
# [[Herbert D. Burns|Herbert Deschamps Burns]], 1949–1955
# [[Horace L. Enman|Horace Luttrell Enman]], 1955–1959
# Frank William Nicks, 1962–1972
# Thomas Albert Boyles, 1972–1974
# [[Cedric Ritchie|Cedric Elmer Ritchie]], 1974–1995
# [[Peter Godsoe|Peter Cowperthwaite Godsoe]], 1995–2004
# [[Arthur Scace|Arthur Richard Andrew Scace]], 2004–2009
# John Thomas Mayberry, 2009–2014
# Thomas Charles O'Neill, 2014–2019
# [[Aaron Regent|Aaron William Regent]], 2019–

=== Chief Executive Officer ===

# [[F. William Nicks|Frank William Nicks]], December 1958 – 4 January 1972
# Thomas Albert Boyles, 4 January 1972 – December 1972
# [[Cedric Ritchie|Cedric Elmer Ritchie]], December 1972 – 19 January 1993
# [[Peter Godsoe|Peter Cowperthwaite Godsoe]], 19 January 1993 – 1 December 2003
# [[Richard E. Waugh|Richard Earl Waugh]], 2 December 2003 – 31 October 2013
# [[Brian J. Porter|Brian Johnston Porter]], 1 November 2013 – 31 January 2023
# [[L. Scott Thomson|Lawren Scott Thomson]], 1 February 2023 –

==Arms==
{{Infobox COA wide
| image = File:Bank of Nova Scotia Arms.svg
|escutcheon = Gules on a fess Argent between in chief and issuant from the fess on water barry wavy of the second and Azure a threemasted ship, the hull Or in full sail pennons flying proper at the stern a banner also of the second charged with a saltire of the third and in base in front of a plough handles to the dexter a garb Or, a cod-fish naiant also proper.
|crest = Issuant from a mural crow Argent a sprig of three thistle flowers proper<ref>{{cite web|url=https://www.heraldry-wiki.com/wiki/Bank_of_Nova_Scotia |title=Bank of Nova Scotia |accessdate=24 October 2025 |publisher=Heraldry of the World}}</ref>
|supporters = On the dexter side a stag proper gorged with a collar Or pendent therefrom a plate charged with a maple leaf slipped Vert and on the sinister side a unicorn Argent armed, crined, unguled, and gorged with a collar Or pendent therefrom a bezant charged with a saltire Azure.
|motto = Strength, Integrity, Service}}

== Bank histories ==

* ''[[iarchive:cu31924030196954|History of the Bank of Nova Scotia, 1832–1900]]''. 
* ''[[iarchive:bankofnovascotia0000bank|The Bank of Nova Scotia, 1832–1932]]''.
* Schull, Joseph, and J. Douglas Gibson. ''[[iarchive:scotiabankstoryh0000schu|The Scotiabank Story: A History of the Bank of Nova Scotia, 1832–1982]]''. Macmillan of Canada, 1982.

==See also==
{{Portal|Companies|Banks|Canada|Nova Scotia}}
{{div col|colwidth=23em}}
* [[Big Five banks of Canada]]
* [[List of largest banks]]
* [[List of banks and credit unions in Canada]]
* [[List of banks in the Americas]]
* [[Scotia]]
* [[Scotia Place]]
* [[Scotia Plaza]]
* [[ScotiaLife Financial]]
* [[Scottish-Canadian]]
* [[Scotiabank Arena]]
* [[Scotiabank Centre]]
* [[Scotiabank Saddledome]]
* [[John P. Webster]]
{{div col end}}

==References==
{{Reflist}}

==External links==
{{commons category|Scotiabank}}
* {{Official website}}
* [http://utarms.library.utoronto.ca/researchers/gilbert-edward-jackson Archival papers of Gilbert Edward Jackson, the first economist for The Bank of Nova Scotia (1926–1935), are held at the University of Toronto Archives and Records Management Services]

{{Bank of Nova Scotia}}
{{Canadian banks}}
{{Mexican banks}}
{{S&P/TSX 60}}
{{Investment banks}}

{{Authority control}}

[[Category:Scotiabank| ]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Companies listed on the Toronto Stock Exchange]]
[[Category:Companies in the TTSE Composite]]
[[Category:Banks of Canada]]
[[Category:Canadian brands]]
[[Category:Companies based in Toronto]]
[[Category:S&P/TSX 60]]
[[Category:Banks of the Caribbean]]
[[Category:Banks established in 1832]]
[[Category:1832 establishments in Nova Scotia]]
[[Category:Mortgage lenders of Canada]]
[[Category:Banks of Puerto Rico]]
[[Category:Multinational companies headquartered in Canada]]
[[Category:Canadian companies established in 1832]]
[[Category:Primary dealers]]