The reorganized four business lines are Canadian Banking, International Banking, Scotia Capital and Global Wealth Management.
Scotiabank said that Global Wealth Management will stand as the fourth pillar in its strategy of diversification across multiple geographies, product lines and strong businesses.
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Scotiabank’s existing wealth management, insurance business in Canada and globally, along with Global Transaction Banking will be merged into Global Wealth Management.
However, Scotia Capital will continue to be led by co-CEO’s and group heads, Mike Durland, responsible for Global Capital Markets and Steve McDonald, who leads Global Corporate and Investment Banking.
In the change of leadership roles, Chris Hodgson has been appointed as group head of Global Wealth Management; Rob Pitfield as group head and chief risk officer; Brian Porter as group head of International Banking and Anatol von Hahn as group head of Canadian Banking.
Scotiabank president and CEO Rick Waugh said that with these changes Scotiabank will be well-positioned to seize significant global business opportunities that align with its strategic plans.
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By GlobalData"The changes we are announcing today will accelerate the progress of several initiatives that are well underway," Waugh said.
