Bank of Nova Scotia, operating under the name Scotiabank, is the third largest bank in Canada and operates internationally in more than 50 countries. The bank has more than 24 million customers worldwide and more than 88,00 employees.
The bank was founded in Halifax, Nova Scotia in 1832 and moved to Toronto in 1900. Scotiabank brands itself as ‘Canada’s most international bank’, with acquisitions across the world in Europe, Asia, Latin America and the Caribbean.
Scotiabank has four primary business divisions:
Global banking and markets
Global wealth and insurance
The bank offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking.
In the UK, Scotiabank operates through its subsidiary Scotiabank Europe, which was founded in 1964. There is a London branch.
Scotiabank Products and Services
Scotiabank offers a wide range of products including investment banking, capital markets, trade finance, correspondent banking and investment banking services.
Alongside these products, the bank also offers precious and base metal trading services. These services are offered via ScotiaMoratta, the bank’s specialist metals arm. Scotiabank also has an oil and gas mergers and acquisitions services, named Scotia Waterous.
Scotiabank’s UK services are geared towards the specific needs of customers living in the UK. Available services include local and other currency loans, term deposit accounts, correspondent banking, cash management, transfers, foreign exchange, trade finance, fixed income, global infrastructure finance, buy-side relationship management, capital markets, global equity, letters of credit and collections.
Scotiabank in the UK is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority. Deposits of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS). Deposits over this amount are unlikely to be covered.