- Business
- The Bank of Nova Scotia (Scotiabank) operates as a diversified financial institution providing a broad range of banking, wealth management, and capital markets products and services to retail, commercial, corporate, and institutional clients. It conducts business through four primary segments: Canadian Banking, which offers debit and credit cards, chequing and savings accounts, investments, mortgages, personal loans, creditor insurance, loyalty programs, retail automotive financing, business lending, deposit and cash management solutions, and trade finance via its branch network, digital platforms, Tangerine Bank digital offerings, and the Roynat franchise; International Banking, delivering comprehensive retail, corporate, and commercial financial products and advisory services with a focus on Latin America (Mexico, Peru, Chile, Colombia, Uruguay), the Caribbean, and Central America; Global Wealth Management, encompassing online and full-service brokerage, mobile investments, trust services, private banking, investment counsel, retail mutual funds, exchange-traded funds, liquid alternatives, and institutional funds across 13 countries; and Global Banking and Markets, providing corporate lending, transaction banking (payments, trade finance, cash management), investment banking (corporate finance, mergers and acquisitions), fixed income and equity underwriting, sales and trading, research, prime brokerage, stock lending, foreign exchange, commodity derivatives, and collateral management primarily in Canada, Mexico, the U.S., Latin America, Europe, and Asia-Pacific. Founded in 1832 in Halifax, Nova Scotia, and headquartered in Toronto, Canada, Scotiabank maintains operations in over 50 countries, serving more than 25 million customers with assets of approximately $1.4 trillion as of July 2025. Recent strategic developments include the completion in December 2024 of its $2.8 billion minority investment in KeyCorp, securing approximately 14.9% ownership following Federal Reserve approval; plans to establish a U.S. regional hub in Dallas, Texas, and relocate its New York office to Midtown; a strategic review under CEO L. Scott Thomson, appointed February 2025, emphasizing deposit growth, loan portfolio adjustments, capital ratio improvements to 12%, and a formal strategy update by year-end amid high funding costs; and a normal course issuer bid to repurchase up to 20 million common shares.