What’s Afoot at Bank of Nova Scotia and Scotia Capital
Canada’s Bank of Nova Scotia continues to expand, and that’s translating to additional opportunities, especially for those with wealth management expertise and emerging market experience. Activity and commitment to Scotiabank’s wealth management business is probably its strongest, and job additions are most likely to come from this rapidly growing side of the bank. Late this past year, Scotiabank acquired the remaining shares of DundeeWealth Management. The purchase now makes Scotiabank the fifth largest mutual fund provider in Canada.
In 2010, the bank bought the wealth management business of BNP Paribas in Panama and the Cayman Islands. Earlier this year, Scotiabank bought Nuevo Banco Comercial S.A., Uruguay’s fourth largest private bank.
The bank also acquired Dresdner Bank Brasil S.A. - Banco Múltiplo to tap into investment banking business in the country. Colombia is the latest place for expansion on the retail banking side, with the bank’s purchase of 51 percent of Banco Colpatria. The closing date is set for this month, pending regulatory approval. Later this month, Scotiabank is also set to close on a 19.99 percent stake in the Bank of Guangzhou in Guangzhou, China.
But could Scotia Capital, the securities and investment banking unit, be pulling back on operations? The recent Scotia Capital rebranding effort does leave that question hanging, especially given the challenging market conditions it’s facing. However, Scotia Capital recently added personnel on the fixed income side, with hirings in New York and London. Other additions are said to be coming in prime brokerage, energy and derivatives. Scotia Capital is also building its research, with the addition of mining analysts.
Given the bank’s open commitment to further expansion outside of Canada, expect additional job opportunities to come. For those looking for job security when relocating to one of the bank’s positions abroad, Scotiabank is having a heyday, unlike many of its U.S. and European competitors. In its investor presentation from December 2nd, Scotiabank reported record annual net income of $5.3 billion for its fiscal year 2011, up 21 percent from the comparable period in 2010.
