History of Scotiabank in Timeline

Scotiabank, officially the Bank of Nova Scotia, is a Canadian multinational banking and financial services company based in Toronto. It ranks as the third-largest Canadian bank by deposits and market capitalization, holding the 88th position in the 2023 Forbes Global 2000. Scotiabank serves over 25 million customers globally, offering diverse products and services, including personal and commercial banking, wealth management, and corporate and investment banking. As of April 30, 2024, it boasts CA$1,399 billion in assets and employs more than 89,000 individuals. Its shares are traded on both the Toronto and New York exchanges. The SWIFT code is NOSCCATT, and the institution number is 002.

1900: Headquarters Moved to Toronto

In 1900, Scotiabank moved its headquarters to Toronto, Ontario.

1900: Relocation to Toronto

In 1900, Scotiabank relocated its headquarters from Halifax, Nova Scotia, to Toronto.

1906: Branch Opened in Havana, Cuba

In 1906, the Bank of Nova Scotia opened a branch in Havana, Cuba.

1910: Branch Opened in San Juan, Puerto Rico

In 1910, the bank opened a branch in San Juan, Puerto Rico.

1913: Acquisition of Bank of New Brunswick

In 1913, the Bank of Nova Scotia acquired the Bank of New Brunswick.

1914: Acquisition of Metropolitan Bank

In 1914, the Bank of Nova Scotia acquired the Toronto-based Metropolitan Bank, making it the fourth-largest financial institution in Canada.

1919: Amalgamation with Bank of Ottawa

In 1919, the Bank of Nova Scotia amalgamated with the Bank of Ottawa.

1919: Branch Opened in Fajardo, Puerto Rico

In 1919, the bank opened a branch in Fajardo, Puerto Rico.

1921: Co-founded McLeod Young Weir brokerage firm

In 1921, Donald Ivan McLeod, William Ewart Young, James Gordon Weir and John Henry (Harry) Ratcliffe co-founded McLeod Young Weir brokerage firm.

1931: Growth in Cuba

By 1931, the bank had five branches in Havana and one branch each in Camagüey, Cienfuegos, Manzanillo, and Santiago de Cuba.

1954: Mortgage Department Created

Following the passage of the National Housing Act, the Bank of Nova Scotia created a mortgage department in 1954.

1958: Consumer Credit Program Introduced

In 1958, changes to the Bank Act of 1954 led to the bank introducing its consumer credit program.

1960: Withdrawal from Cuba

In 1960, the Government of Cuba nationalized all banks in Cuba, leading the Bank of Nova Scotia to withdraw its services from all eight branches.

September 11, 1961: First Female Bank Manager

On September 11, 1961, the Bank of Nova Scotia appointed its first female bank manager, marking a significant milestone.

1972: Cedric Ritchie President of Scotiabank

In 1972, Cedric Ritchie became the President of Scotiabank

1974: Cedric Ritchie CEO and Chairman of Scotiabank

In 1974, Cedric Ritchie became the CEO and Chairman of Scotiabank

1975: Adoption of Scotiabank Brand Name

In 1975, the Bank of Nova Scotia adopted Scotiabank as its worldwide brand name.

September 28, 1978: Collective Agreement Signed

On September 28, 1978, Scotiabank and the Canadian Union of Public Employees signed a collective agreement in Toronto, making Scotiabank the first Canadian bank to sign a collective agreement with a union.

1986: Creation of Scotia Securities

In 1986, Scotiabank created Scotia Securities to provide discount brokerage and security underwriting services.

1988: Acquisition of McLeod Young Weir

In 1988, Scotiabank acquired McLeod Young Weir brokerage firm.

1994: Acquisition of Montreal Trustco Inc.

In 1994, Scotiabank acquired Montreal Trustco Inc.

1995: Cedric Ritchie last year as CEO and Chairman of Scotiabank

In 1995, was Cedric Ritchie last year as CEO and Chairman of Scotiabank

1997: Start of London gold fixing through ScotiaMocatta

From 1997, Scotiabank, through its precious metals division ScotiaMocatta, participated in the London gold fixing.

1997: Acquisition of National Trust Company and Banco Quilmes

In 1997, Scotiabank acquired National Trust Company for Can$1.25 billion and also acquired Banco Quilmes in Argentina.

January 1, 2000: Start date of unpaid overtime lawsuit

January 1, 2000, marks the beginning date for the period covered in a class-action lawsuit against Scotiabank regarding unpaid overtime. The lawsuit included 16,000 Scotiabank employees across Canada.

2000: Increased Stake in Grupo Financiero Inverlat

In 2000, Scotiabank increased its stake in Mexican bank Grupo Financiero Inverlat to 55 percent, subsequently renamed Grupo Financiero Scotiabank Inverlat.

2000: Forbes Global 2000

In 2000, Scotiabank was included in Forbes Global list.

2001: Investigation into Maru Oropesa's Murder

In 2001, an investigation into the murder of Maru Oropesa, a Scotiabank branch manager in Mexico City, uncovered US$14 million missing from the branch. The investigation revealed illegal transfers of US$5 million from client investment accounts, which was used to purchase three aircraft in the United States. Further investigation found an additional $9 million missing and implicated 16 other bank employees.

2002: Closure of Branches in Argentina

In 2002, Scotiabank shut its branches (formerly Banco Quilmes) in Argentina during the currency crisis and massive sovereign default.

2003: Acquisition of Inverlat Banking House

In 2003, Scotiabank acquired Inverlat banking house, taking over all of its branches and establishing a strong presence in Mexico.

June 2005: David Berry Fired

In June 2005, David Berry, a successful Scotiabank trader, was fired for securities regulatory violations.

2005: Title Sponsor of Giller Prize

In 2005, Scotiabank became the title sponsor of the Giller Prize.

2006: Scotiabank Place

From 2006, Scotiabank held the naming rights to the arena of the Ottawa Senators, branding it Scotiabank Place.

2006: Title Sponsor for Nuit Blanche

From 2006, Scotiabank was the title sponsor for the Nuit Blanche event in Toronto.

2007: Stake in Thanachart Bank

In 2007, Scotiabank acquired a 24.98 per cent stake in Thanachart Bank.

2007: Partnership with Cineplex Entertainment

In 2007, Scotiabank and Cineplex Entertainment partnered to create a loyalty rewards program called Scene+.

2007: Official Bank of Cricket World Cup

In 2007, Scotiabank was named the official bank of the Cricket World Cup.

2007: Class-action lawsuit filed

In 2007, a class-action lawsuit similar to one filed by CIBC was filed against Scotiabank.

2008: Sponsorship of Toronto's Caribana

In 2008, Scotiabank announced a two-year sponsorship of Toronto's Caribana, rebranded as Scotiabank Caribbean Carnival Toronto.

2008: Sponsor of Canadian Cricket Team

Since 2008, Scotiabank has been the official team sponsor of the Canadian cricket Team and the title sponsor of National T20 Championship in Canada.

2009: Sponsor for Miguel Cotto

In 2009, Scotiabank was a primary sponsor for Champion Boxer Miguel Cotto during his bout with Manny Pacquiao.

October 8, 2010: Naming Rights for Scotiabank Saddledome

Since October 8, 2010, Scotiabank became the title sponsor for Scotiabank Saddledome in Calgary.

2010: Opened Offices in Bogotá, Colombia

In 2010, Scotiabank opened its first offices in Bogotá, Colombia.

2010: Sponsor of World Rally Championship

In 2010, Scotiabank was a sponsor of the World Rally Championship's Corona Rally Mexico.

October 20, 2011: Acquisition of Stake in Colpatria

On October 20, 2011, Scotiabank acquired a 51 per cent stake in Colpatria, Colombia's fifth largest bank and second largest issuer of credit cards.

November 15, 2012: Acquisition of ING Direct Bank of Canada

On November 15, 2012, Scotiabank completed the acquisition of ING Direct Bank of Canada.

January 15, 2013: IIROC Dismisses Charges Against Berry

On January 15, 2013, more than seven years after the initial accusation, a hearing panel of the IIROC dismissed all charges against David Berry.

June 2013: Canadian Tire Takes Over Naming Rights for Senators' Arena

In June 2013, Canadian Tire took over the naming rights for the Ottawa Senators' arena from Scotiabank.

December 1, 2013: End date of unpaid overtime lawsuit

December 1, 2013, marks the end date for the period covered in a class-action lawsuit against Scotiabank regarding unpaid overtime. The lawsuit included 16,000 Scotiabank employees across Canada.

2013: Sponsor for Club Deportivo Guadalajara

In 2013, Scotiabank became a sponsor for Club Deportivo Guadalajara.

April 2014: ING Direct Bank Renamed Tangerine

In April 2014, ING Direct Bank of Canada was renamed Tangerine.

June 25, 2014: Naming Rights for Scotiabank Centre in Halifax

Since June 25, 2014, Scotiabank has held the naming rights for the Scotiabank Centre in Halifax, for ten years.

September 19, 2014: Scotiabank Centre officially opened

On September 19, 2014, Scotiabank Centre in Halifax officially opened after rebranding.

November 6, 2014: Article by Barry Critchley

On November 6, 2014, Barry Critchley wrote an article connecting Scotiabank's $55 million reported legal charges to the $100 million lawsuit filed by David Berry.

December 2014: Increased Stake in Thanachart Bank

By December 2014, Scotiabank's share in Thanachart Bank had increased to 48.99 per cent.

2014: Sponsor for Chilean Primera División

In 2014, Scotiabank became the official sponsor for the Chilean Primera División after signing a five-year contract.

2014: Settlement in Class-Action Lawsuit

In 2014, Scotiabank reached a settlement in a class-action lawsuit covering thousands of workers who were owed more than a decade of unpaid overtime. The lawsuit involved 16,000 Scotiabank employees across Canada.

2014: FATCA Implementation

In 2014, due to the FATCA agreement between Canada and the United States, Scotiabank spent almost $100 million implementing a system to report the account holdings of Canadians of American origin to the United States.

January 2015: Settlement with David Berry

As of January 2015, Scotiabank settled with David Berry for an undisclosed amount after a wrongful dismissal lawsuit.

July 14, 2015: Acquisition of Citigroup's Retail and Commercial Banking Operations

On July 14, 2015, Scotiabank announced that it would buy Citigroup's retail and commercial banking operations in Panama and Costa Rica.

2015: Extension of Scene+ Partnership

In 2015, Scotiabank and Cineplex Entertainment announced they extended the Scene+ partnership through October 31, 2025.

2015: End of Caribbean Carnival Sponsorship

In 2015, the partnership between Scotiabank and the Caribbean festival ended.

2015: Sponsor of CONCACAF Champions League

Since 2015, Scotiabank has been the title sponsor for the CONCACAF Champions League tournament.

March 20, 2016: Death of Cedric Ritchie

On March 20, 2016, Scotiabank's former president, CEO and Chairman Cedric Ritchie died. He led the expansion into more than 40 countries.

2016: First Hackathon

In 2016, Scotiabank held its first hackathon with the goal of solving Canadian debt.

August 29, 2017: Naming Rights to Air Canada Centre purchased

On August 29, 2017, Scotiabank purchased the naming rights to the Air Canada Centre in Toronto for $800 million.

2017: Joined Enterprise Ethereum Alliance

In 2017, Scotiabank joined the Enterprise Ethereum Alliance.

July 1, 2018: Air Canada Centre Renamed Scotiabank Arena

On July 1, 2018, the Air Canada Centre was renamed Scotiabank Arena.

2018: Acquisition of Jarislowsky Fraser and Stake in BBVA Chile

In 2018, Scotiabank acquired Montreal investment firm Jarislowsky Fraser and completed the acquisition of a 68.19 per cent stake in BBVA Chile.

February 21, 2019: Raid on Scotiabank's Offices in Costa Rica

On February 21, 2019, the Prosecutor in Costa Rica raided Scotiabank's offices in San José, Costa Rica, related to allegations of failure to provide information on accounts implicating Alejandro Toledo.

June 2019: Acquisition of Scotiabank branches by OFG Bancorp

In June 2019, it was announced that OFG Bancorp would acquire all branches of Scotiabank within Puerto Rico and the United States Virgin Islands territories.

2019: Rebranding

In 2019, Scotiabank underwent a rebranding, modifying its wordmark logo and introducing a new corporate font.

2019: End of London gold fixing through ScotiaMocatta

In 2019, Scotiabank's precious metals division ScotiaMocatta ceased its participation in the London gold fixing.

December 14, 2021: Launch of the new Scene+ program

On December 14, 2021, the new Scene+ program was launched, merging Scene and Scotia Rewards points.

2022: Naming rights to Bell MTS Iceplex acquired

In 2022, Scotiabank acquired the naming rights to the Bell MTS Iceplex near Winnipeg, branding it Hockey for All Centre.

2022: Reduced Rate of Remote Work

In 2022, Scotiabank's management tried to reduce the rate of remote work.

January 31, 2023: Brian J. Porter's Retirement

On January 31, 2023, Brian J. Porter retired as Scotiabank's president and CEO, and Scott Thompson was named as his replacement.

2023: Forbes Global 2000 Ranking

In 2023, Scotiabank's ranking in Forbes Global 2000 was 88.

February 14, 2024: Departure of Jake Lawrence

On February 14, 2024, Jake Lawrence, Chief Executive Officer and Group Head, Global Banking and Markets, left Scotiabank and joined the Power Corporation of Canada.

February 2024: Creation of Cedar Leaf Capital

In February 2024, Bank of Nova Scotia announced the creation of Cedar Leaf Capital, the first indigenous-owned investment dealer in Canada.

April 30, 2024: Assets of CA$1,399 billion

As of April 30, 2024, Scotiabank reported assets of CA$1,399 billion according to the Q2-2024 Report to Shareholders.

May 14, 2024: 1832 Asset Management Halved Their Investments to 2.5 per cent

Until May 14, 2024, 1832 Asset Management, a division of Scotiabank's Dynamic Fund held 5 per cent of Elbit, valued at about US$440 million, when it disclosed in a regulatory filing that the halved their investments to 2.5 per cent, valued at about US$237.6 million.

August 2024: Purchase of KeyCorp Stake

In August 2024, Scotiabank and KeyCorp announced that Scotiabank was purchasing 14.9% of KeyCorp for approximately $2.8 billion.

November 2024: Customer Account Access Issues

In November 2024, some Scotiabank customers were unable to access their accounts for days.

January 2025: Agreement to purchase remaining stake in Scotiabank Colpatria

In January 2025, an agreement was announced to purchase the remaining stake (43.9%) in Scotiabank Colpatria (Colombia).

October 31, 2025: Scene+ partnership end date

October 31, 2025, is the date the partnership between Scotiabank and Cineplex Entertainment for the Scene+ loyalty rewards program will end, unless extended.