Scotiabank

By: EconomyWatch Content   Date: 3 November 2009

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EconomyWatch, Content Team

 

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The Bank of Nova Scotia or Scotiabank is the third largest bank in Canada in terms of deposits and market capitalization. The bank was established in Halifax, Nova Scotia, in 1832, as the Bank of Nova Scotia. The main purpose of the bank then was to facilitate the trans-Atlantic trade. The Scotiabank’s primary corporate offices are now located in Toronto, Ontario.

Scotiabank: Global Presence

Scotiabank launched its branching system by establishing a branch in Windsor, Nova Scotia. Until 1882, the international expansion of the bank was limited to the Maritime Provinces. After ’82, Scotiabank moved west by setting up a branch in Winnipeg, Manitoba.

  • 1885 – For the first time, the bank opened its branch outside Canada, in Minneapolis.

  • 1889 – The bank branched out in Kingston, Jamaica, which became the first Canada bank branch to be located outside Canada, the US or the UK.

  • 1892 – The bank closed its branch in Minneapolis and transferred the entire business to the agency in Chicago.

  • 1899 – The bank branched out in Boston.

  • 1906 – The bank opened a branch in Havana, Cuba.

  • 1907 – The bank opened an agency in New York.

  • 1910 – The bank branched out in San Juan, Puerto Rico.

  • 1920 – The bank opened a branch in London and Santo Domingo, Dominican Republic.

Scotiabank: Products and Services

Some of the products and services offered by Scotiabank are:

  • Day-to-Day Banking – This bank offers hassle-free banking, the ability to bank from whichever place one chooses to and feel valued as a customer.

  • Investing – Scotiabank aids in articulating one’s investment objectives and constructing a strategy to fulfill them.

  • Business Succession Planning – At Scotiabank, one can achieve a smooth transition of ownership of an organization, in a way that makes the achievement of objectives very easy.

  • Protection – Protection of assets so that a customer can use it in times of crisis is well-assured by the bank. 

  • Borrowing –The bank offers low-cost borrowing options in order to reduce borrowing costs.

Scotiabank applies simple, convenient and flexible strategies to fit any kind of business circumstance.


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