Scotiabank, Canada’s third largest bank by
assets, will combine its wealth management and insurance lines into
a global wealth management (GWM) group to capitalise on
opportunities for “strategic growth”.
GWM becomes the fourth pillar of the bank’s
original three business lines: Canadian banking, international
banking, and Scotia Capital.
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Global transaction banking will be combined
into GWM, the bank said.
“With these changes Scotiabank will be
well-positioned to seize significant global business opportunities
that align with our strategic plans,” said Rick Waugh, chief
executive of the bank.
“This new structure leverages our progress to
date and positions us to compete and win in the global
marketplace.”
Chris Hodgson, previously head of the consumer
banking division, will head the newly-created group.
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By GlobalDataThe bank reported a group net income of
C$1.06bn ($1.02bn) for the third quarter of 2010, up 14% on
the year-ago period.
Scotiabank said earnings were buoyed by strong
wealth management revenues, increased net interest income from
strong asset growth, higher net gains on securities, and lower
provisions for credit losses.
Wealth management results were divided into
Canadian and international banking segments, under the previous
format.
