Bank of Nova Scotia

The Bank of Nova Scotia, founded in 1832 in Halifax, is Canada's second-oldest chartered bank. Its first branches were in the Maritimes, but it expanded into Winnipeg and Minnesota in the 1880s as the Canadian Pacific Railway was built. Between 1883 and 1919 it amalgamated with smaller banks, beginning with the Union Bank of Prince Edward Island and ending with the Bank of Ottawa. It was the first Canadian bank to operate in the Caribbean, opening a branch in Jamaica in 1889; it also established a branch in London in 1920.

During the 1960s the bank again diversified internationally; it now operates over 200 branches and subsidiaries in 44 countries, and has 1460 branches and offices in Canada. It offers a variety of financial services, including gold and silver trading, mortgage loans, leasing, real-estate and trust services. Now known familiarly as "Scotiabank," it pioneered several financial services to simplify banking for the ordinary consumer.

In 1981 it became the first Canadian bank to offer complete branch services in Japan, and it also participated in a test of the business applications of satellite communications. Although the general office was moved to Toronto in 1900, the head office is still in Halifax. Scotiabank now operates in all areas of the financial marketplace - with its own life insurance company, brokerage house and trust company - through a number of purchases, including Montreal Trustco in 1994. At its fiscal year end in October 1997, it had a net income of $1.5 billion, assets of $195.2 billion (ranking 4th among financial institutions in Canada) and over 38 000 employees worldwide.

Author DEBORAH C. SAWYER

Links to Other Sites
Canadian Bankers Association
The website for Canadian Bankers Association. Features a list of domestic and international banks operating in Canada, timeline of the banking industry, useful consumer information, a glossary, and related resources. CBA is the main representative body for banks in Canada and is the country’s oldest industry association.

Scotiabank
The website for Scotiabank. Offers an online guide to products and services, current rates and other financial news.

TMX Group
The online home of TMX Group, which owns and operates the Toronto Stock Exchange and the TSX Venture Exchange. For real-time and historical market data, sector profiles, and financial information about listed companies, click on listed company directory on left side of page or enter stock symbol in the search box.

Personal Investing
The lastest news on Canadian equity markets, personal investment plans, and more. From thestar.com.

Bank of Canada
The official website for the Bank of Canada. A great information source about monetary policy, the role of the Bank, the history of money, security features in Canadian bank notes, and much more. Check out the fact sheets, online glossary, and educational resources.

System for Electronic Document Analysis and Retrieval
Search the SEDAR online database for disclosure documents of Canadian public companies and mutual funds. From the Canadian Securities Administrators.

Office of the Superintendent of Financial Institutions
The website for OSFI, the primary regulator of banks and other federally incorporated financial institutions in Canada. Check out "About OSFI" for background information about this independent agency of the Government of Canada.