View Annual Report

Total Page:16

File Type:pdf, Size:1020Kb

View Annual Report 1998 ANNUAL REPORT 1998 ANNUAL REPORT The Scotiabank Group Committed to customers, shareholders, employees and the communities where we work. Putting people first. ™Trademark of The Bank of Nova Scotia Scotiabank is one of North CONNECTING WITH SCOTIABANK America’s premier financial CORPORATE HEADQUARTERS FOR FURTHER INFORMATION institutions and Canada’s Scotiabank PUBLIC AND CORPORATE AFFAIRS Scotia Plaza Scotiabank most international bank, 44 King Street West 44 King Street West Toronto, Ontario Toronto, Ontario with assets of $234 billion. Canada M5H 1H1 Canada M5H 1H1 Tel.: (416) 866-6161 Tel.: (416) 866-3925 Fax: (416) 866-3750 Fax: (416) 866-4988 Our 42,000 employees E-mail: [email protected] E-mail: [email protected] provide retail, commercial, CUSTOMER SERVICE CENTRE 1-800-4-SCOTIA corporate and investment SHAREHOLDER SERVICES TRANSFER AGENT AND REGISTRAR MAIN AGENT ONLINE banking services to Montreal Trust Company of Canada 151 Front Street West, 8th Floor For product, corporate, financial and individuals, small and Toronto, Ontario shareholder information: www.scotiabank.ca and Canada M5J 2N1 www.scotiacapital.com Tel.: (416) 981-9633; 1-800-663-9097 medium-sized businesses, Fax: (416) 981-9507 E-mail: [email protected] corporations and ANNUAL REPORT CO-TRANSFER AGENT (U.S.A.) For copies of the annual report and other The Bank of Nova Scotia financial reports: governments – in 53 Trust Company of New York Tel: (416) 866-3925 23rd Floor, 1 Liberty Plaza Fax: (416) 866-4988 New York, N.Y. 10006 countries around the world, E-mail: [email protected] Tel.: (212) 225-5470 Fax: (212) 225-5436 and coast to coast across Telex: 00126777 WORLDWIDE DIRECTORY Canada. CO-TRANSFER AGENT (UNITED KINGDOM) IRG plc. For complete addresses, please refer to the Balfour House Worldwide Directory. To obtain a copy, contact: 390/398 High Road Public and Corporate Affairs Ilford, Essex 44 King Street West 1G1 1NQ Toronto, Ontario Tel.: 0181 639 2000 Canada M5H 1H1 Fax: 0181 478 7717 Tel.: (416) 866-3925 E-mail: [email protected] Fax: (416) 866-4988 E-mail: [email protected] SECRETARY’S DEPARTMENT Website: www.scotiabank.ca Scotiabank 44 King Street West Toronto, Ontario Canada M5H 1H1 OFFICE OF THE OMBUDSMAN TABLE OF CONTENTS Tel.: (416) 866-4790 Fax: (416) 866-5090 44 King Street West E-mail: [email protected] Toronto, Ontario Letter to Shareholders 2 Canada M5H 1H1 FINANCIAL ANALYSTS, PORTFOLIO Tel.: (416) 933-3299; 1-800-785-8772 Answers to Questions 6 MANAGERS AND OTHER INSTITUTIONAL Fax: (416) 933-3276 INVESTORS The Scotiabank Group 8 Tel.: (416) 866-5982 Glossary 20 Fax: (416) 866-7867 E-mail: [email protected] 1998 Financial Report 21 Front cover (from left): Iñigo Gutiérrez, TMM; Marie Powell, Scotiabank Jamaica; John Robinson with niece Lori Robinson, Eric C. Corporate Governance 94 Robinson Inc.; Dr. Robyn Olson; and Linda Music and Ashlea. Back cover (from left): Ken Cordner, Lakeside Shopping Village, Burlington, Ont., branch; Guadalupe Razo Camberos, Randy Crath Corporate Listings Directory 100 and Francisco Gómez Fernández, Banco Inverlat; John Eby and Michael Locke, Corporate Banking; Jean Walsh and Joy Read, Albany, P.E.I., branch; and Stephen Carroll and Michelle Ashcroft, Winnipeg Commercial Banking Centre. Shareholders’ Information 102 CAMILLE TEELUCKSINGH Scotia Plaza branch, Toronto LETTER TO SHAREHOLDERS For the fiscal year 1998 1997 1996 Shareholder returns Net income ($ millions) $1,394 $ 1,514 $ 1,069 Earnings per common share(1) $ 2.64 $ 2.95 $ 2.04 Dividends per common share(1) $ 0.80 $ 0.74 $ 0.65 Return on common shareholders’ equity 15.3% 20.2% 15.8% Return on common shareholders’ investment 6.1% 51.1% 52.3% Common share price (close, October 31)(1) $32.20 $ 31.08 $ 21.13 (1) Amounts have been adjusted to reflect the two-for-one stock split on February 12, 1998. PETER C. GODSOE Financial highlights A strategy that works Chairman of the Board & Scotiabank achieved solid results in 1998, We are convinced that our bank has put in Chief Executive Officer highlighting the strength and diversity of our place the correct strategies to ensure success core businesses. Net income was $1,394 mil- as we move toward the new millennium. Our lion, which represented a return on equity of guiding principles remain unchanged: execut- 15.3%. Income in 1998 was 8% lower than in ing more efficiently and more effectively 1997, as last year’s results included several than our competitors, concentrating on our unusual items. If these are excluded, earnings core businesses, building on our strengths, and in 1997 were $1,223 million. Compared to this, motivating and relying upon the employees of RETURN ON EQUITY (%) 1998 net income showed a solid increase the Scotiabank Group. Above all, we will stay 22 of 14%. focused on the needs of our customers. 20 Return to common shareholders – which Diversity – in our products, services, cus- 18 includes both dividends and appreciation in tomers, employees and locations – will remain an excluding special the market value of the Bank’s common shares important component of our long-term business 16 charges excluding 14 unusual – was 6.1% in 1998. This was lower than plans. This strategy allows us to explore new items 12 the excellent returns of 1996 and 1997, but opportunities in the markets we serve and to was nonetheless among the better returns withstand temporary setbacks in specific areas. 10 provided by a Canadian bank. Ownership of It spreads risk broadly, and offers many opportu- 8 Scotiabank has provided shareholders with a nities for profitable expansion in the future. 94 95 96 97 98 compound average return of 21.7% a year over Scotiabank has the most broadly based the past five years, and 21.4% a year over the multinational network of any Canadian bank. past decade. We plan to seek additional opportunities in NET INCOME ($ millions) The Bank has had consistent growth in the the international arena, especially in Asia and 1500 dividends on its common shares, with the divi- Latin America. Despite current economic diffi- dend rate having been increased in 33 of the past culties in several international markets, we are 1250 35 years. In 1998, dividends per share increased confident that these regions will grow and excluding special excluding unusual to 80 cents, 8% higher than the 74 cents of the prosper over the long term. 1000 charges items prior year. In addition, on December 2, 1998, the Domestically, we will keep building 750 Board of Directors announced an increase in the infrastructure and business processes the quarterly dividend on common shares to 21 required to support our increasing focus on 500 cents per share (84 cents annualized), effective customer relationship management. A crucial in the first quarter of 1999. element in our strategy is to continuously 94 95 96 97 98 2 SCOTIABANK KEY INITIATIVES improve the way we work, so that efficiency forward and knowledgeable – will be central and productivity climb steadily. For many to our activities. years, our superior productivity record has Last year’s acquisition of National Trust been an important competitive advantage, added to our successful retail banking opera- translating into better returns for our share- tions, and positioned us as one of the largest holders and better service for our customers. personal trust operations in Canada. This will be particularly important as we expand our Key initiatives wealth management capabilities. The addi- In the Retail Bank, our customer service is tion of National Trust has improved our acknowledged to be among the best in the ability to serve Canadians – particularly in industry. In its annual survey on customer Ontario, where most of its branches are service at financial institutions, released in located – and resulted in Scotiabank becoming October, Market Facts again named Scotia- the country’s second-largest mortgage lender. bank the top performing major bank for We are also working to enhance the overall service quality. service we provide to our commercial cus- During the coming year, we plan to tomers. By streamlining processes and devel- improve our service further, through our BRUCE R. BIRMINGHAM oping our back-office support capabilities, we branches, and by expanding our alternate President will strive to increase our market share of delivery channels. We will continue to sim- small and medium-sized enterprises. plify, centralize and automate routine branch RoyNat, one of two merchant banking functions to give branch staff more time to arms, helps promising small and medium- dedicate to customers. sized companies grow by providing a broad We are committed to giving our customers range of financing options. Scotia Merchant a growing variety of options to fulfil their Capital complements RoyNat, making sizable banking needs. Many now prefer the equity investments in larger companies that convenience and speed of alternate delivery are poised for growth. channels, such as ABMs, telephone and Inter- net banking, debit cards and smart cards, Wealth management to conduct their everyday transactions. Our Wealth management has become an increas- Internet banking service, Scotia OnLine, and ingly significant part of our business and, as its innovative Entrust security system, have the Canadian population ages, it will gain won high praise from customers, and awards importance. To improve our present position from both the Canadian Information Produc- and increase our share of the market, we are tivity Awards and Microbanker Inc., a pub- developing new ways to lever opportunities in lisher of banking technology newsletters. this key area. However, personal service still lies at the The integration of Cassels Blaikie, Scotia heart of Scotiabanking. Extensive employee Investment Management Limited and the invest- and customer research has revealed that our ment division of Scotiatrust created Scotia Cassels customers believe we deal with them on a Investment Counsel Limited in August l998, more personal level – much more directly which manages assets of more than $15 billion.
Recommended publications
  • Indian Gold Book:Indian Gold Book
    AN INTRODUCTION TO THE INDIAN GOLD MARKET MAJOR SPONSOR WORLD GOLD COUNCIL CORPORATE SPONSOR RAND REFINERY LIMITED Published by Virtual Metals Research & Consulting Ltd and Grendon International Research Pty Ltd AN INTRODUCTION TO THE INDIAN GOLD MARKET INDUSTRY COMMENTS Comments in letters, faxes and emails include: Reserve Bank of India (“an excellent work”), State Bank of India (“excellent coverage”) and The Gem & Jewellery Export Promotion Council (“a wonderful, educative, informative book”). “This volume is an absolute boon … The resulting accumulation of facts and data is of fantastic value to anyone who wants to understand the history and nature of the world’s most important market for gold.” London Bullion Market Association “It has provided an excellent basis for the Council and its members to learn about the complex dynamics of the market, and also is a strong foundation for us to review our operational business plans and strategies for the Indian market … it has added significant value to our operations there.” World Gold Council “It is necessary to understand the intricacy of market structures and the historical sequence of events (of the Indian gold market). The book by Nigel Desebrock … provides a veritable gold mine of authentic information”. S.S. Tarapore (former Deputy Governor, Reserve Bank of India), Financial Express (India) PHONE AND FAX NUMBERS IN INDIA In October 2002, Mumbai telephone exchanges either prefixed a “2” to the local number, or replaced the first digit with “56”. Since then, exchanges in other cities have also made changes. In this publication, while the listed Mumbai numbers take the changes into account, numbers for other parts of the country do not.
    [Show full text]
  • The LBMA Bullion Market Forum 2015 in Association with the Shanghai Gold Exchange
    A local Forum for a global market The LBMA Bullion Market Forum 2015 In association with the Shanghai Gold Exchange 24 - 25 June 2015 Mandarin Oriental Shanghai Why You Should Attend This Forum Given Shanghai’s importance in the Global Bullion Markets, the LBMA is holding a Bullion Market Forum in partnership with the Shanghai Gold Exchange (SGE). The Forum will take place over two days with a one-day seminar focusing on issues of relevance to market participants, both in Shanghai and in countries that trade with China. Attend the Forum to meet Bullion Market contacts, both new and old. Senior representatives of the London, Shanghai and other international Bullion Markets will be in attendance. The Forum begins with a Welcome Dinner on Wednesday, 24 June sponsored by the SGE. The formal proceedings start on Thursday, 25 June with a full day of Forum sessions. Central Bankers… Dealers… Producers… Fabricators… Refiners… Brokers… Analysts… Marketers. There’s a place for all market players at the LBMA Bullion Forum. Make sure to reserve yours now. To register for the Forum click here Registration Fee: The registration fee is £595 per delegate. This includes but we can assist you by providing a letter to accompany your application. the pre-Forum Welcome Dinner on the evening of Wednesday, 24 June, as Please indicate when registering whether or not you require a visa letter. well as attendance at all the Forum sessions on Thursday, 25 June, including all refreshments, coffee breaks and lunch. (Please note our letter will only cover the date of the Forum and allow for reasonable time to travel to and from Shanghai.) Marketing Opportunities: Shanghai provides a unique opportunity for exhibitors to promote themselves, their companies and their products to Do you need assistance with a visa application? If you need assistance with senior representatives of the London, Shanghai and International Bullion a visa application, the LBMA suggests contacting Trans World Visa Services.
    [Show full text]
  • Bank Primer - 2018
    I NSTITUTIONAL E Q U I T Y R ESEARCH Robert Sedran, CFA Marco Giurleo, CFA Christopher Bailey Financials I N D U S T R Y P RIMER February 20, 2018 Bank Primer - 2018 Canadian Banking 101 All figures in Canadian dollars, unless otherwise stated. 18-152284 © 2018 CIBC World Markets Corp., the U.S. broker-dealer, and CIBC World Markets Inc., the Canadian broker-dealer (collectively, CIBC World Markets Corp./Inc.) do and seek to do business with companies covered in its research reports. As a result, investors should be aware that CIBC World Markets Corp./Inc. may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For required regulatory disclosures please refer to "Important Disclosures" beginning on page 144. Find CIBC research on Bloomberg, Thomson Reuters, CIBC World Markets Inc., P.O. Box 500, 161 Bay Street, Brookfield Place, Toronto, Canada M5J 2S8 (416) 594-7000 FactSet, Capital IQ and ResearchCentral.cibcwm.com CIBC World Markets Corp., 425 Lexington Avenue, New York, NY 10017 (212)-856-4000 Bank Primer - 2018 - February 20, 2018 Table of Contents Canadian Banks Snapshot .................................................................... 4 Summary Income Statements ............................................................... 5 Common-Sized Income Statements ........................................................ 6 Summary Balance Sheets ....................................................................
    [Show full text]
  • Metal Matters January, 2010
    ScotiaMocatta Metal Matters January 2010 Gold prices underwent a correction in December, driven mainly by a rebound in the dollar and profit-taking ahead of year-end Prices pulled back 12 percent, but are now rallying on fresh investment buying. Traders are waiting to see whether the dollar rally was just year- end book squaring, or the start of a counter trend move Geopolitical issues have also risen to the surface after a quiet 2009, this is likely to add another bullish dimension to the market. Medium-to-long term outlook remains bullish, but short term trading may become erratic, especially if the dollar rebounds again. Silver has moved above the mid-December resistance level, so it is outpacing Gold, which has not yet cleared the $1,142/oz level Better economic data bodes well for industrial demand for Silver, but overall the market will remain dependent on investors’ interest. PGMs reversed their corrections on news that the US were closer to allowing PGM ETFs to be listed on US exchanges Platinum and Palladium have also benefitted from a better than expected pick-up in vehicle sales, but whether this lasts remains to be seen. www.scotiamocatta.com Metal Matters January 2010 Gold prices peaked on 3rd December at likely to hold. In addition, with interest $1,226/oz and are now consolidating rates more likely to be lifted in other The news in early November that the IMF economies first (note: Australia has had sold Gold to India saw prices accelerate already raised rates), interest away from the uptrend line, but in December differentials are likely to keep downward prices started to correct.
    [Show full text]
  • A Strategy Analysis of the “Big Five” Canadian Banks
    A Strategy Analysis Of The “Big Five” Canadian Banks Claudio Eggert APRJ-699 Word Count: 13,716 April 4, 2012 Dr. Conor Vibert ABSTRACT The Canadian banking industry is highly concentrated with the top five banks dominating the sector with a combined market share of over 85% of total assets. This study analyses the individual strategies of the five largest banks as well as their competitive positioning within the Canadian banking sector to get a better understanding of their strategic decisions made over the years and how effectively they have responded to changes in their business environment. The overarching predictions that guide this research are that the banks have comparable domestic but very different international strategies, and that the banks have well-defined strategic plans, which they implement successfully with the long-term goal of profit maximization. The literature reviewed to conduct this study consists of corporate strategy, strategy analysis and competitive analysis literature, which provides insight into a variety of frameworks and tools that are used to analyze the individual strategies of each bank as well as their operating environment. The basic strategic management framework utilized for this study consists of three steps: 1) perform industry analysis, 2) conduct business strategy analysis for each bank, and 3) evaluate strategies and present conclusion. Some of the more recognized frameworks applied in this study are Porter’s Five Forces of Competition and the SWOT analysis diagram. Additional sources consulted for this paper are the annual reports published by the banks over the past ten years as well as reports from the Department of Finance of Canada and the World Economic Forum, among several others.
    [Show full text]
  • China's Gold Market
    China’s gold market: progress and prospects About the World Gold Council Contents The World Gold Council is the market development organisation Executive summary 01 for the gold industry. Working within the investment, jewellery Introduction 01 and technology sectors, as well as engaging with governments Key conclusions 02 and central banks, our purpose is to provide industry leadership, China’s developing urban landscape 04 whilst stimulating and sustaining demand for gold. Economic development and the gold market 06 We develop gold-backed solutions, services and markets based Introduction 06 on true market insight. As a result we create structural shifts in Gold market control and de-regulation 07 demand for gold across key market sectors. Economic development and gold demand 09 Policy timeline 10 We provide insights into international gold markets, helping people to better understand the wealth preservation qualities of Jewellery 15 gold and its role in meeting the social and environmental needs Introduction 15 of society. Market and product structure 17 Factors driving demand 20 Based in the UK, with operations in India, the Far East, Europe Outlook 24 and the US, the World Gold Council is an association whose Investment 29 members comprise the world’s leading gold mining companies. Introduction 29 Factors driving demand 34 Methodology Outlook 38 The World Gold Council commissioned Precious Metals Insights Industrial demand 40 (PMI) to lead the research into the outlook for Chinese gold Overview 40 demand over the medium term (defined as 2014-2017 for the Electronics 41 purpose of this report) and to compose this report that details its Decorative uses 42 findings.
    [Show full text]
  • Outlookmerge Template
    The Honourable Mary L. Schapiro Chairman U.S. Securities and Exchange Commission 100 F Street, NE Washington, DC 20549 United States of America 5th August 2011 Re: Proposed Rule Release No. 34-63547; File No. S7-40-10 Dear Chairman Schapiro, LBMA Comments Relating To Dodd-Frank Section 1502 Conflict Mineral Legislation The London Bullion Market Association submits this letter in parallel with the statement dated 29th July 2011, made by the participants in the multi-stakeholder forum for conflict-free mineral supply chains, convened by the International Conference on the Great Lakes Region (ICGLR), the Organisation for Economic Co-operation and Development (OECD) and the UN Group of Experts on the Democratic Republic of the Congo (UN GoE on DRC). The LBMA would like to express its broad support for the above-mentioned statement and to highlight the main issues which relate particularly to the gold market. About the London Bullion Market Association The LBMA is the international trade association that represents the wholesale over-the-counter (OTC) market for gold and silver bullion, physically based in London. The current members are shown on the attached list. London is the focus of the international OTC market for gold and silver with a client base including the majority of the central banks that hold gold, plus producers, refiners, fabricators and other traders throughout the world. The LBMA was formally incorporated in 1987 in close consultation with the Bank of England. In the refining industry, the LBMA Good Delivery (GD) List is widely recognized as the de facto standard for the quality of gold and silver market bars.
    [Show full text]
  • Scotiabank Commodity Derivatives Risk Management
    The Covid-19 Precious & Base Metal Update Nicky Shiels, Metals Strategist March 2020 Precious & Base Metal Outlook Macro Backdrop: . Corona Virus, not trade, now a new global economic threat Outlook for Gold: . Entered a new cyclical bull market in 2019; how bullish is the trajectory in 2020? Outlook for Silver: . Slightly bullish due to spill over effects from gold; fundamentally oversupplied Outlook for Copper: . Soft floors around cyclical lows set at $5500 (low conviction), all else equal. Outlook for PGMs: . Structurally bullish PGM basket; some have overshot in the short-term 2 New 2020 Threat: COVID-19 • A black swan deflationary demand shock for commodities; it forced China to “unplug” • Hubei is “China’s Detroit”; the Asian economic ‘sudden stop’ is causing major supply chain disruptions • The virus’ economic impact doesn’t stem from the deaths, but from the quarantining / restrictive measures. • Was demand “lost” vs “delayed”? “V, U or L” shaped recovery? 3 Gold: Covid-19 and The Flight To Safety • Gold responds to global monetary policy and fear drivers such as trade/virus, geopolitical and growth risks re-emerging. • Golds current ‘fear premium’ of~$76 (vs $165 last week) is still rather underweight vs its historical peak-trough fear ranges from +/- $200 • Gold remains underpriced vs unprecedented moves in US rates 4 Gold: Covid-19 and Monetary Policy Response • G-7 “stand-ready-to-act” • Correlated but not coordinated policy response • Global Central Bank easing: G-10 CBs have collectively cut 125bps (Fed, BoC, RBA) with the BOJs unscheduled JGB and ETF purchases • Economic stimulus packages launched in Asia (China, HK, Singapore, South Korea) & Italy, which transcended to Central Banks 5 Gold: Performance During Emergency Rate Cuts • From 9 emergency Fed cuts since 1990, gold is on average up 2.7% in 3 months and 3.2% in 4 months following the intermeeting Fed announcement.
    [Show full text]
  • Pdf Gold Prices
    Gold Market Primer Gold Prices March 2018 www.gold.org Price discovery is crucial for any market. Gold Summary not only has a spot price, but it also has the LBMA Gold Price, as well as several regional The LBMA Gold Price is an important reference price for prices. The LBMA Gold Price is used as an the market. The price is used globally by numerous different participants, including bullion banks, central important benchmark throughout the gold banks, miners and fabricators. market, while the other regional prices are The LBMA Gold Price is determined via an auction important to local markets. process, whereby participants submit buy and sell orders. The price is continually adjusted until these are in balance This primer serves as an introduction to the London Bullion and the price is agreed. Market Association (LBMA) Gold Price, as well as other key Regional gold prices reflect local dynamics. China has gold prices across the globe. The first section is an introduced the Shanghai Gold Benchmark Price to better introduction to how the LBMA Gold Price is determined reflect an RMB-denominated reference price. In India, and used. The second section provides an overview of the local gold prices are affected by several factors, and can Shanghai Gold Benchmark Price, while the third section vary from state-to-state. explores the factors affecting prices in India. 1 auction is over, they will have a bilateral trade with their LBMA Gold Price Direct Participant. They do not share in the imbalance. In March 2015, the LBMA Gold Price was introduced, To be able to qualify as a Direct Participant of the auction, replacing the historic London Gold Fixing.
    [Show full text]
  • Coming up Major Stock Indexes Ended Lower After the Federal Reserve Left Interest Rates on the U.S
    NORTH AMERICA For Thursday, May 3, 2018 MARKET RECAP at 4 pm ET Coming Up Major stock indexes ended lower after the Federal Reserve left interest rates On the U.S. economic calendar, the Express Scripts deal, which is being unchanged in its policy announcement. Commerce Department is expected to reviewed by the Justice Department as the U.S. crude was higher. The dollar edged report that trade deficit narrowed to $50 same time the department is reviewing a higher and spot gold rose. Treasury yields billion in March, from a gap of $57.6 billion second deal between CVS and Aetna. for most maturities fell. in February. Also, the Labor Department is likely to report 225,000 jobless claims for the week ended April 28, up from 209,000 the week before. The slew of data STOCKS Close Chng %Chng Yr-high Yr-low continues with durable goods and factory DJIA 23924.29 -174.76 -0.73 26616.71 20553.45 orders figures. The Commerce Nasdaq 7100.90 -29.81 -0.42 7637.27 6630.67 Department's report will likely show an S&P 500 2635.61 -19.19 -0.72 2872.87 2532.69 increase in factory orders in March to 1.4 Toronto 15627.93 9.00 0.06 16421.42 14785.78 percent, from 1.2 percent in February. REUTERS/Brendan McDermid FTSE 7543.20 22.84 0.30 7792.56 6866.94 Eurofirst 1519.41 8.56 0.57 1587.95 1415.80 Health insurer Cigna Corp, which has CBS Corp, in tough merger talks with Nikkei 22472.78 -35.25 -0.16 24129.34 20347.49 agreed to buy pharmacy benefit manager Viacom Inc, is expected to report a rise in Hang Seng 30723.88 -84.57 -0.27 33484.08 29129.26 Express Scripts, is expected to report first-quarter profit, helped by growth in its higher first-quarter profit.
    [Show full text]
  • View Annual Report
    1999 ANNUAL REPORT 1999 ANNUAL 1999 ANNUAL REPORT www.scotiabank.com Committed to customers, shareholders, employees and the communities where we live and work. Putting people first ™ Trademark of The Bank of Nova Scotia Connecting with Scotiabank Corporate Headquarters For Further Information 2 Financial Highlights Scotiabank PUBLIC AND CORPORATE AFFAIRS 4 Letter to Shareholders Scotia Plaza Scotiabank 44 King Street West 44 King Street West Toronto, Ontario Toronto, Ontario 6 Competitive Strengths Canada M5H 1H1 Canada M5H 1H1 Tel.: (416) 866-3925 Tel.: (416) 866-6161 8 Operations Overview Fax: (416) 866-4988 Fax: (416) 866-3750 E-mail: [email protected] E-mail: [email protected] 20 Glossary CUSTOMER SERVICE CENTRE 1-800-4-SCOTIA 21 1999 Financial Report Shareholder Services 94 Corporate Governance Practices TRANSFER AGENT AND REGISTRAR MAIN AGENT Online Montreal Trust Company of Canada 100 Corporate Listings 151 Front Street West, 8th Floor For product, corporate, financial and Toronto, Ontario shareholder information: www.scotiabank.com 102 Shareholder Information Canada M5J 2N1 and www.scotiacapital.com Tel.: (416) 981-9633; 1-800-663-9097 Fax: (416) 981-9507 E-mail: [email protected] Annual Report CO-TRANSFER AGENT (U.S.A.) For copies of the annual report and other The Bank of Nova Scotia financial reports: Trust Company of New York Tel: (416) 866-3925 23rd Floor, 1 Liberty Plaza Fax: (416) 866-4988 New York, N.Y. 10006 E-mail: [email protected] Tel.: (212) 225-5470 Annalise Mohammed, Customer Service Representative, Scotia Plaza, Fax: (212) 225-5436 Telex: 00126777 Toronto: Scotiabank offers its customers the ability to bank wherever Worldwide Directory and whenever they choose – in person or electronically.
    [Show full text]
  • Comments of World Gold Council
    WORLD GOLD COUNCIL 27 April 2012 Jennifer J. Johnson Secretary Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, NW Washington, DC 20551 Re: Docket No. 1438 and RIN 7100-AD-86 Dear Ms. Johnson: The World Gold Council respectfully submits it comments to the Board of Governors of the Federal Reserve System (the Board) on the proposed rule "Enhanced Prudential Standards and Early Remediation Requirements for Covered Companies", which are contained in the attached document. The World Gold Council is supportive of the international regulatory effort to introduce liquidity buffers into the global banking system, over and above the existing capital adequacy requirements. We submit that gold should specifically be included in the final rule's definition of highly liquid assets, as gold meets the criteria presented in the proposed rule and global criteria put forward by the Basel Committee on Banking Supervision. Gold fulfils each of the criteria set out in section 252.57 of the proposed rule and exhibits additional characteristics that will enhance the stability of the liquidity buffers. The World Gold Council highlights the following attributes of gold in addressing the criteria of section 252.57: 1 Governments already benefit from holding gold in their official reserves, commercial banks should be allowed the same benefit 2 Gold is a unique asset, different from commodities and has no credit risk 3 Gold provides unparalleled diversification as it is not correlated to stocks, bonds, commodities, and specifically
    [Show full text]