Canadian lender Scotiabank is set to form a global wealth management business, which will serve as its fourth business line.

The creation of the new business is said to ramp up the bank’s wealth management strategy.

Last year, Scotiabank strengthened its wealth management presence with the acquisitions of Jarislowsky Fraser and MD Financial Management.

Global Wealth Management will be headed by Glen Gowland as executive vice-president.

Gowland has been working at Scotiabank since 2000.

The new business is scheduled to launch on 1 November 2019.

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Scotiabank CEO and president Brian Porter said: “Glen has been delivering exceptionally well for Scotiabank and our wealth and banking clients for almost 20 years.

“Under Glen’s leadership we have accelerated our wealth strategy and positioned our business for the next phase of growth.”

Additionally, the bank confirmed that its Canadian Banking unit will retain its focus on Personal, Commercial Banking and Insurance operations.

The bank has made changes to the leadership team of Canadian Banking.

These changes will be effective next month.

Dan Rees has now been named as the group head of this unit, replacing James O’Sullivan.

Rees has been working at the bank for 19 years.

Meanwhile, O’Sullivan will now serve as a strategic adviser for Scotiabank, with responsibility for offering advice on key banking and policy matters.

Porter stated: “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.”