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Scotiabank confirms set-up of global wealth mgmt unit

2019-05-07 10:16 ET - News Release

Mr. Brian Porter reports


Bank of Nova Scotia has confirmed plans to create a global wealth management business line, effective Nov. 1, 2019. The new business line, global wealth management, reflects the bank's commitment to accelerating its wealth management strategy, following the recent acquisitions of MD Financial Management and Jarislowsky Fraser, as well as the bank's focus on achieving scale across Canada and its key international markets. Canadian banking will remain focused on growing personal, commercial banking and insurance businesses in Canada, delivering for the bank's customers and driving its digital agenda.

In preparation for the fourth business line and the changes to the Canadian banking business unit, James O'Sullivan, group head of Canadian banking, has decided to take this opportunity to transition to a strategic adviser role for the bank, effective June 1. Mr. O'Sullivan will remain with the bank advising on key banking and policy matters.

"On behalf of the board and management, I would like to personally thank James for his continued and unwavering commitment to Scotiabank and his drive to build value for our customers, employees and shareholders," said Brian Porter, president and chief executive officer of Scotiabank.

Canadian banking

Dan Rees will be appointed group head, Canadian banking, effective June 1, 2019, where he will be responsible for the personal, commercial banking and insurance businesses in Canada. Mr. Rees brings deep banking and leadership experience to Canadian banking, having held a number of increasingly senior roles in wealth management, global banking and markets, global risk management, human resources, and international banking since joining the bank in 2000.

"Dan has a proven track record for driving results across the bank, most recently in his role as group head of operations, where his work has helped the bank unlock value by better leveraging our global scale," said Mr. Porter. "His passion for improving the customer and employee experience will be instrumental in ensuring the continued success of the Canadian bank."

Global wealth management

The global wealth management business line will be led by Glen Gowland, executive vice-president, global wealth management, where he will continue to grow the bank's wealth management businesses across Scotiabank's geographical footprint. Mr. Gowland has over 25 years of experience in investment management and banking and joined Scotiabank in 2000. Mr. Gowland is a recognized industry leader, and, during his career, he has led and contributed to the development of every aspect of Scotiabank's wealth management business.

"Glen has been delivering exceptionally well for Scotiabank and our wealth and banking clients for almost 20 years," said Mr. Porter. "Under Glen's leadership we have accelerated our wealth strategy and positioned our business for the next phase of growth."

About Bank of Nova Scotia

Scotiabank is Canada's international bank and a leading financial services provider in the Americas. The bank is dedicated to helping its more than 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The bank has a team of more than 98,000 employees and assets of over $1-trillion (as at Jan. 31, 2019).

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