The Bank of Nova Scotia History

Company Perspectives:

Since welcoming our first customers in 1832, Scotiabank has enjoyed continued success by building on traditional core strengths--risk management, cost control, diversification, customer satisfaction and great employees. Our goal is to be the best and most successful Canadian-based international financial services group.

Key Dates:

1832:

The Bank of Nova Scotia (or Scotiabank) is born; it is the first public financial institution in Halifax.

1883:

The Union Bank of Prince Edward Island is acquired.

1889:

Scotiabank makes its first move into the Caribbean, opening a branch in Kingston, Jamaica.

1900:

Headquarters are moved to Toronto.

1912:

Bank of Nova Scotia merges with the Bank of New Brunswick, the oldest Canadian chartered bank.

1914:

Toronto-based Metropolitan Bank is acquired, making Scotiabank the fourth largest financial institution in Canada.

1919:

The Bank of Ottawa is acquired.

1954:

Passage of the National Housing Act leads Scotiabank to create a mortgage department.

1958:

Changes to Bank Act of 1954 enable Scotiabank to introduce a consumer credit program.

1981:

Bank of Nova Scotia expands into Asia with the opening of a branch in Japan.

1987:

Scotia Securities is formed to provide discount brokerage and security underwriting services.

1988:

Brokerage firm McLeod Young Weir Ltd. is acquired.

1994:

Scotiabank acquires Montreal Trustco Inc.

1997:

National Trustco Inc. is acquired for C$1.25 billion.

2000:

Scotiabank increases to 55 percent its stake in Mexican bank Grupo Financiero Inverlat, which is subsequently renamed Grupo Financiero Scotiabank Inverlat.

2002:

Economic turmoil in Argentina leads to the bank's sale of its subsidiary there and a C$540 million writedown on its investment.

2003:

Stake in Scotiabank Inverlat is increased to 91 percent.

Company History:

Further Reading:

• Anderson, Mark, "The Lost Picture Show," Canadian Business, May 1, 1997, p. 93.
• Blackwell, Richard, "Bank of Nova Scotia Looks to Branching Out," Financial Post, October 5, 1994, sec. 1, p. 8.
• ------, "Scotiabank Expects Big Fall in Loan Losses," Financial Post, January 18, 1995, sec. 1, p. 8.
• Darroch, James L., Canadian Banks and Global Competitiveness, Montreal: McGill-Queen's University Press, 1994.
• Haliechuk, Rick, "Scotiabank Profit Hits Record in 4th Quarter," Toronto Star, December 1, 1994, p. E2.
• Kalawsky, Keith, "Bank Mergers No Longer a Hot Political Issue," Financial Post, March 25, 2003, p. FP1.
• ------, "Scotiabank Looks South for Future," Financial Post, March 26, 2003, p. FP1.
• Kraus, James R., "Scotiabank Weathers Growing Pains Overseas," American Banker, July 28, 1999, p. 4.
• Laver, Ross, "Banking in Bad Times," Maclean's, November 26, 1990, pp. 44+.
• Partridge, John, "Scotiabank Bids for National Trustco," Globe and Mail, June 25, 1997, p. A1.
• ------, "Scotiabank Gets New Spin: CEO Provides 'Stark Contrast' to Former Management Style," Globe and Mail, June 21, 1993, p. B1.
• ------, "Scotiabank Takes Hit over Mexican Bank," Globe and Mail, November 30, 1995, p. B1.
• ------, "Scotiabank Vaults to No. 3: Montreal Trust Gives It Stronger Presence in Central Canada, Personal Finance," Globe and Mail, December 4, 1993, p. B17.
• Partridge, John, Karen Howlett, and Sinclair Stewart, "Scotiabank Names President," Globe and Mail, January 16, 2003, p. B1.
• Posner, Michael, "Titans at the Altar: Two Financial Giants Link Up with New Partners," Maclean's, July 7, 1997, pp. 50-51.
• Schull, Joseph, and J. Douglas Gibson, The Scotiabank Story: A History of the Bank of Nova Scotia, 1832-1982, Toronto: Macmillan of Canada, 1982.
• Stewart, Sinclair, "Scotiabank Chief to Step Down in 2003," Globe and Mail, December 4, 2002, p. B1.
• Wood, Chris, "The Trials of a Banking Giant," Maclean's, November 18, 1985, pp. 34+.

Source: International Directory of Company Histories, Vol.59. St. James Press, 2004.