THE BANK OF NOVA SCOTIA The Bank of Nova Scotia. Commonly known as Scotia bank (French: Banque Scotia), is the third largest bank in Canada by deposits and market capitalization. It serves some 19 million customers in more than 55 countries around the world and offers a broad range of products and services including personal, commercial, and corporate and investment banking. With assets above $575 billion, Scotia bank shares trade on the Toronto and New York stock exchanges. The bank was incorporated by the Legislative Assembly of Nova Scotia on March 30, 1831, in Halifax, Nova Scotia, with William Lawson (1772–1848) serving as the first president. The bank moved its executive offices to Toronto, Ontario, in March 1900. Scotia bank has billed itself as "Canada's International Bank" due to its acquisitions primarily in Latin America and the Caribbean, but also in Europe and India as well. BNS Institution Number (or bank number) is 002. The company ranked at number 92 on the Forbes Global 2000 listing in 2012 and is currently under the leadership of Richard E. Waugh who serves both in the capacity of President and CEO. HISTORY Scotia bank was founded in Halifax, Nova Scotia, in 1832 under the name of the Bank of Nova Scotia. The bank's vision was to facilitate the trans-Atlantic trade of the time. Later, in 1833, 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. The bank launched its branch banking system by opening in Windsor, Nova Scotia. The expansion was limited to the Maritimes until 1882, when the bank moved west by opening a branch in Winnipeg, Manitoba. The Manitoba branch later closed but the bank continued to expand into the American Midwest. This included opening a branch in Minneapolis in 1885 which later transferred to Chicago in 1892. Following the collapse of the Newfoundland Bank of Commerce and Union Bank of Newfoundland on December 10, 1894; the Bank of Nova Scotia established on January 31, 1895, in Newfoundland. In 1899, the bank opened a branch in Boston, Massachusetts. In the meantime, the bank opened a branch in Kingston, Jamaica, in 1889 to facilitate the trading of sugar, rum and fish. This was Scotia bank’s first move into the Caribbean and historically the first branch of a Canadian bank opened outside of the United States or the United Kingdom. By the end of the 19th century, the bank was represented in all of the Maritimes, Quebec, Ontario and Manitoba. In 1900, the bank's headquarters were moved to Toronto, Ontario. 1906 – The bank opened a branch in Havana, Cuba. By 1931, it had three branches in Havana, and one branch each in Camagüey, Cienfuegos, Manzanillo, and Santiago de Cuba. The bank was nationalized in 1959, becoming Banco Central de Cuba (Havana branch was changed to Banco Metropolitano – Metropolitan Bank – in 1996). 1907 – The bank opened an agency in New York. 1910 – The bank opened a branch in San Juan, Puerto Rico, and later another one in Fajardo. 1912 – Bank of Nova Scotia merged with the Bank of New Brunswick. 1914 – Toronto-based Metropolitan Bank was acquired, making Scotia bank the fourth largest financial institution in Canada. 1919 – Bank of Ottawa was amalgamated. 1920 – The bank opened a branch in London, UK, and another one in Santo Domingo, Dominican Republic. 1960 – Fidel Castro's Cuban government purchased the Cuban branches of the Bank of Nova Scotia on December 1, 1960. 1962 – The bank became the first Canadian Bank to appoint women bank managers on January 15, 1962. 1978 – The bank and Canadian Union of Public Employees signed the first collective agreement between a Canadian bank and a union on September 28, 1978, in Toronto. 1981 – The bank expanded into Asia with the opening of a branch in Japan. 2000 – Scotiabank's stake in Mexican bank Grupo Financiero Inverlat is increased to 55 percent. The Mexican bank is subsequently renamed to Grupo Financiero Scotia bank Inverlat. 2003 -The bank's Guangzhou Branch was awarded the first licence to a Canadian bank by the Chinese government to deal in Chinese currency. 2003–2004 – The bank acquired Inverlat banking house in Mexico, taking over all of its branches and establishing strong presence in the country. 2010 – The bank arrived in Bogotá. Scotia bank branch on Highway 7, Hastings, Christ Church, Barbados. In its early expansion, the bank clearly followed trade and its customers' businesses rather than pursuing a strategy of expansion into international financial centres. Scotia bank is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM cards or check cards 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). Portfolio evolution Throughout the 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. A short list follows:[7] . 1954 – Passage of the National Housing Act lead Scotia bank to create a mortgage department. 1958 – Changes to Bank Act of 1954 enabled Scotia bank to introduce a consumer credit program. 1987 – Scotia Securities is formed to provide discount brokerage and security underwriting services. 1988 – Brokerage firm McLeod Young Weir Ltd. is acquired. 1994 – Scotia bank acquires Montreal Trust co Inc. 1997 – National Trust co Inc. is acquired for C$1.25 billion. Mergers and Acquisitions The bank has amalgamated with several other Canadian financial institutions through the years, and purchased several other banks overseas. Bank Year established Year of amalgamation Union Bank of PEI 1864 1883 Summerside Bank 1863 1901 Bank of New Brunswick 1820 1913 Metropolitan Bank of Canada 1902 1914 The Bank of Ottawa 1874 1919 Montreal Trust 1889 1994 National Trust 1898 1997 Inverlat (Mexico) 2002 2003 National Bank of Greece (Canada) 1969 2005 Banco Wiesse Sudameris (Peru) 1920 2007 Banco Sudamericano (Peru) 1991 2007 E*TRADE Canada 1982 2008 DundeeWealth 1998 2010 Operating units Scotia Plaza, Scotia bank World Headquarters in Toronto, Ontario, Canada Scotia bank has four divisions: . Canadian Banking is the commercial banking division, offering savings and loan services. It includes 1009 branches, 2,750 ABMs, and four call centers in Calgary, Toronto, Cornwall, and Halifax. It offers telephone, wireless and Internet banking. Their brokerage unit is called the Wealth Management Group. ScotiaMcLeod is the full-service Canadian investment dealer and was formerly known as McLeod Young Weir Co. & Ltd., a company started by four young entrepreneurs: Donald Ivan McLeod, William Ewart Young, James Gordon Weir, and John Henry Ratcliffe. Global Banking and Markets (GBM) is the investment banking division, which helps large corporations, institutions, and governments obtain capital and credit. International Banking is the merchant banking division, assisting its customers with international trade. Scotia bank’s marketing material claims it is the leading provider of financial services in the Caribbean, and that it has the broadest Asian network of any Canadian bank. e-Commerce/e-Banking at Scotia bank manages wire transfers and payments. Scotia bank sells insurance products via its brand subsidiary – ScotiaLife Financial. Most of the life insurance policies sold this way are underwritten by Scotia Life Insurance Company.[10] As of 2009, Scotia bank services over 12.5 million customers and has over $500 billion in assets. The bank employs over 69,000 employees all over the globe including: Europe, Asia, Latin America and the Caribbean. Scotia bank is Canada's most international bank with over 2,000 branches in some 50 countries. As in the past, in 2009 some of the top management at Scotia bank announced a plan that the bank would once again play a part in general infrastructural development in the countries where it operates.[11] Corporate sponsorship and branding [edit]Sports . Scotia bank is now the title sponsor of Guadalajara's Scotiabank Aquatics Center . Scotia bank is now the title sponsor for the Jewish National Fund's "Pitch for Israel" event. Scotia bank is now the title sponsor of Calgary's Scotia bank as of October 8, 2010 . Scotia bank currently is the title sponsor for running events that are part of the Canada Running Series: Scotia bank Montreal 21k & 5k (April), Vancouver Half-Marathon & 5k Run/Walk (June) & Toronto Waterfront Marathon, Half-Marathon & 5k (September) and the Scotia bank Bluenose Marathon.[12] As well it is the title sponsor for the Scotia bank Calgary Marathon. As of October 2007, Scotia bank became a sponsor of CBC Television's Hockey Night in Canada, and the title sponsor of its Gemini award winning pregame show, Scotia bank Hockey Tonight.[13] . Scotia bank also is currently the Official Bank of the National Hockey League and National Hockey League Players' Association.[14] And the official bank of the NHLPA, the NHL Alumni, the Canadian Women's Hockey League. Additionally, Scotia bank sponsors the Little NHL (native hockey league) and several girl's hockey festivals across Canada. Currently has the naming rights to the arena of the Ottawa Senators, branding it Scotia bank. Scotia bank can be seen as a primary sponsor for Champion Boxer Miguel Cotto during his 2009 bout with Manny Pacquiao . In 2006 Scotia bank was awarded the title as the official bank for the ICC's 2007 Cricket World Cup. During the event, several stadia and venues across the Caribbean (and Guyana in South America) are to become outfited with Scotia bank automated banking machines.[15] .