Misplaced Pages

#766233

99-566: The Bank of Nova Scotia (French: Banque de Nouvelle-Écosse ), operating as Scotiabank (French: Banque Scotia ), is a Canadian multinational banking and financial services company headquartered in Toronto , Ontario . One of Canada's Big Five banks , it is the third-largest Canadian bank by deposits and market capitalization . In 2023, the company’s seat in Forbes Global 2000 was 88. It serves more than 25 million customers around

198-418: A Visa credit card was launched in early May. Five Cineplex Entertainment locations were also rebranded as "Scotiabank Theatres." In 2015, the two companies announced they extended the partnership through October 31, 2025, and would expand naming rebrand another five theatres as Scotiabank Theatres. On December 14, 2021, the new Scene+ program was launched. It merged Scene and Scotia Rewards points. Scotiabank

297-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

396-565: A collective agreement in Toronto, making Scotiabank the first Canadian bank to sign a collective agreement with a union. In 1986, Scotiabank created Scotia Securities to provide discount brokerage and security underwriting services. The late 1980s and 1990s saw the bank acquire several firms, including McLeod Young Weir brokerage firm (co-founded by Donald Ivan McLeod, William Ewart Young, James Gordon Weir and John Henry (Harry) Ratcliffe in 1921) in 1988, and Montreal Trustco Inc. in 1994. In 1997,

495-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

594-506: A division of Scotiabank's Dynamic Fund held 5 per cent of Elbit, valued at about US$ 440 million, until May 14, 2024 when it disclosed in a regulatory filing that the halved their investments to 2.5 per cent, valued at about US$ 237.6 million. These investments raises major concerns, for the following reasons: A 2001 investigation into the murder of Maru Oropesa, a Scotiabank branch manager in Mexico City, revealed US$ 14 million missing from

693-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

792-577: A larger market in New England. By the early part of the 20th century it became apparent that none of the four banks were attracting enough capital to remain competitive. Saint John, the largest city, failed to attract investment from overseas despite 4% higher returns compared to Upper Canada. The Bank of New Brunswick and its shareholders accepted an offer to merge with the Bank of Nova Scotia on February 15, 1913. As many of its investors were financing

891-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

990-805: A neoclassical bank façade reminiscent of a Corinthian temple of finance. The Bank of New Brunswick Building is on the Registry of Historical Places of Canada. The acquisition of the Summerside Bank of P.E.I. in 1901, expanded the Bank's network. Following the City Bank acquisition, City Bank president Thomas Leavitt became president of the Bank of New Brunswick. Leavitt came from a family of merchants, shipowners and shipmasters of Saint John, New Brunswick. The Bank of New Brunswick on 268 Water Street, Summerside, Prince Edward Island , built 1909 to 1910

1089-600: A ruling on January 15, 2013, more than seven years after the initial accusation, a hearing panel of the IIROC dismissed all charges against Berry. David Berry filed a $ 100 million wrongful dismissal lawsuit against Scotiabank. As of January 2015, and nine years after Berry was terminated, Scotiabank settled with Berry for an undisclosed amount. Barry Critchley, who followed the story since its beginning, wrote an article on November 6, 2014, in which he believes Scotiabank's $ 55 million reported legal charges would likely be connected to

SECTION 10

#1732786973767

1188-652: A strong presence in the country. In 2002, Scotiabank shut its branches (formerly Banco Quilmes) in Argentina during the currency crisis and massive sovereign default . In the following year, Scotiabank's Guangzhou branch was awarded the first licence to a Canadian bank by the Chinese government to deal in Chinese currency. In 2007, Scotiabank acquired a 24.98 per cent stake in Thanachart Bank , with that share later increasing to 48.99 per cent by December 2014. With

1287-790: Is NOSCCATT and the institution number is 002. Scotiabank was founded in 1832 in Halifax, Nova Scotia , where it was headquartered until relocating to Toronto in 1900. Scotiabank has billed itself as "Canada's most international bank" due to its acquisitions primarily in Latin America and the Caribbean, and also in Europe and parts of Asia. Scotiabank is a member of the London Bullion Market Association and one of fifteen accredited institutions which participate in

1386-834: Is also the title sponsor for running events that form a part of the Canada Running Series. They include Banque Scotia 21k de Montreal + 10k & 5k in April; Scotiabank Vancouver Half-Marathon & 5k Run/Walk in June; Scotiabank Toronto Waterfront Marathon, Half-Marathon & 5k in October; and the Scotiabank Bluenose Marathon. Since 2005, Scotiabank has also been the title sponsor of the CFL playoffs semi-final and conference final games, with games titled as

1485-767: Is also the title sponsor for two post-secondary facilities in Canada, including Scotiabank Hall at Brock University in St. Catharines ; and Scotiabank Hall in the Marion McCain Arts and Social Sciences Building at Dalhousie University in Halifax . Scotiabank has also established an industry partnership with the University of Waterloo Stratford Campus . Scotiabank is a member of the Canadian Bankers Association (CBA) and registered member with

1584-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

1683-625: Is on the Registry of Historical Places of Canada. After Confederation in 1867, the four banks which had been established in New Brunswick began to struggle, as more and more investment money began moving to central Canada, and manufacturing in the new province began to decline. Over the objections of The Saint John Board of Trade, Sir John A. Macdonald's Conservative government voted down the Commercial Union Bill of March 5, 1888 which would have given Saint John direct access to

1782-676: Is the largest foreign investor of the UNHRC-blacklisted Israeli bank Mizrahi Tefahot Bank, which invests in illegal settlements in Palestinian Territories. The same mutual fund is also heavily invested in the Israeli weapon manufacturer Elbit; . Elbit also provides surveillance system in the West Bank, and has a spying-tool division that has been involved in spying on journalists. 1832 Asset Management,

1881-487: Is the second largest foreign transaction ever by a Canadian financial company overseas, behind Royal Bank of Canada 's purchase in Royal Bank of Trinidad and Tobago. In 2012, Scotiabank entered into an agreement to acquire ING Direct Bank of Canada from ING Groep N.V . Two years later, Scotiabank would acquire ING Direct Bank of Canada for Can$ 3.13 billion. The sale completed on November 15, 2012, and ING Bank of Canada

1980-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

2079-980: The British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include the Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over

SECTION 20

#1732786973767

2178-898: The Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of the Global ATM Alliance , a joint venture of several major international banks that allows customers of the banks to use their ATM cards or check cards at certain other banks within the Global ATM Alliance without fees when traveling internationally. Other participating banks are Barclays (United Kingdom), Bank of America (United States), BNP Paribas (France and Ukraine through UkrSibbank ), Deutsche Bank (Germany), and Westpac (Australia and New Zealand). Other international associations of which

2277-538: The Giller Prize . From 2006 to 2015, Scotiabank was the title sponsor for the Nuit Blanche event in Toronto. In 2008, Scotiabank announced a two-year sponsorship of Toronto's Caribana which would be rebranded as Scotiabank Caribbean Carnival Toronto . The sponsorship of the Caribbean festival was extended until 2015, when the partnership with the festival ended. In 2016 Scotiabank held its first hackathon with

2376-640: The Legislative Assembly of Nova Scotia on March 30, 1832. William Lawson was the first president. The bank intended to facilitate the trans-Atlantic trade of the time. Later, in 1883, the Bank of Nova Scotia acquired the Union Bank of Prince Edward Island, although most of the bank's expansion efforts in the century took the form of branch openings. The bank launched its branch banking system by opening in Windsor , Nova Scotia. The expansion

2475-597: The Scotiabank Centre in Halifax (since June 25, 2014). The naming rights for the Scotiabank Centre was signed for ten years, with annual fees of $ 650,000 for said rights. The facility officially opened its doors as the rebranded Scotiabank Centre on September 19, 2014. On August 29, 2017, Scotiabank and Maple Leaf Sports & Entertainment , announced that Scotiabank purchased the naming rights to

2574-632: The $ 100 million lawsuit; but it is unlikely to ever be known. In January 2023, the bank closed the account of political activist Jeremy MacKenzie with no reason given and no appeal process. Scotiabank is the title sponsor for a number of sports events including the Calgary Marathon, the CONCACAF Champions League tournament (since 2015), and the Jewish National Fund's "Pitch for Israel" event. Scotiabank

2673-670: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from the Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for

2772-598: The Air Canada Centre in Toronto for $ 800 million, a record-setting deal described as "one of the biggest investments in naming rights in North America". The multi-sport complex was renamed July 1, 2018, as Scotiabank Arena . From 2006 through 2013, Scotiabank held the naming rights to the arena of the Ottawa Senators , branding it Scotiabank Place . Canadian Tire took over the naming rights for

2871-716: The Bank of Nova Scotia established on December 15, 1894, in Newfoundland . The bank opened a branch in Kingston, Jamaica , in 1889 to facilitate the trading of sugar, rum , and fish. This was Scotiabank's first move into the Caribbean and historically the first branch of a Canadian bank to open outside of the United States or the United Kingdom. In 1899, Scotiabank opened a branch in Boston , Massachusetts . By

2970-551: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

3069-714: The Government of Cuba nationalized all banks in Cuba, and the Bank of Nova Scotia withdrew its services from all eight branches. During the 1960s, the Bank of Nova Scotia became the first Canadian bank to appoint women as bank managers, with the first appointed on September 11, 1961. In the next year, the bank expanded into Asia with the opening of a Representative Office in Japan. In 1975, the Bank of Nova Scotia adopted Scotiabank as its worldwide brand name. On September 28, 1978, Scotiabank and Canadian Union of Public Employees signed

Scotiabank - Misplaced Pages Continue

3168-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

3267-413: The London gold fixing . From 1997 to 2019, this was conducted through its precious metals division ScotiaMocatta . Scotiabank's president and CEO Brian J. Porter announced his retirement to be effective January 31, 2023, and Scott Thompson was named as his replacement. The Bank of Nova Scotia was founded in 1832 in Halifax , Nova Scotia , a British colony at that time. The bank was incorporated by

3366-511: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

3465-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

3564-569: The Scotiabank East Semi-finals and Scotiabank West Semi-finals. This is in addition to being the official financial services provider to the Canadian Football League . Scotiabank was also a primary sponsor for Champion Boxer Miguel Cotto during his 2009 bout with Manny Pacquiao . Scotiabank also sponsors sports leagues and teams, becoming a sponsor for Club Deportivo Guadalajara in 2013, and becoming

3663-611: The Senators' arena in June 2013. In 2022, Scotiabank acquired the naming rights to the Bell MTS Iceplex near Winnipeg; rather than use the Scotiabank name, the facility is instead branded as Hockey for All Centre, as an extension of a diversity and inclusion campaign of the same name. Scotiabank has been a title sponsor for a number of cultural events and institutions in Canada. In 2005, Scotiabank became title sponsor of

3762-464: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

3861-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

3960-541: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

4059-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

Scotiabank - Misplaced Pages Continue

4158-614: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

4257-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

4356-598: The United States including total assets, account balances, account numbers, transactions, account numbers, and other personal identifying information, as well as assets held jointly with Canadian-born spouses and other family members. On July 14, 2015, Scotiabank announced that it would buy Citigroup 's retail and commercial banking operations in Panama and Costa Rica. Terms of the transaction were not disclosed. The purchase would increase Scotiabank's client base in both countries from 137,000 to 387,000, and would add 27 branches to

4455-471: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

4554-766: The VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization , the European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in

4653-507: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

4752-698: The acquisition of Siam City Bank , Thanachart Bank is now the 6th largest bank (by assets) in Thailand with over 16,000 staff serving more than four million customers through 680 branches and 2,100 ATMs across the country. In 2010, the bank opened its first offices in Bogotá , Colombia. On October 20, 2011, Scotiabank acquired a 51 per cent stake in Colpatria  [ es ] , Colombia's fifth largest bank and second largest issuer of credit cards, for $ 1 billion Canadian in cash and stock (10 million shares). It

4851-430: The acquisition of a 68.19 per cent stake in BBVA Chile for Can$ 2.9 billion, as a result BBVA Chile was merged into Scotiabank Chile. On February 21, 2019, the Prosecutor in the Central American country of Costa Rica raided Scotiabank's offices in San José, Costa Rica , claiming that the bank had failed to provide the government with information on accounts and deposits that could allegedly implicate Alejandro Toledo ,

4950-424: The bank acquired National Trust Company for Can$ 1.25 billion. In the same year, Scotiabank acquired Banco Quilmes in Argentina. In 2000, Scotiabank increased its stake in Mexican bank Grupo Financiero Inverlat to 55 percent. The Mexican bank was subsequently renamed to Grupo Financiero Scotiabank Inverlat. Scotiabank later acquired Inverlat banking house in 2003, taking over all of its branches and establishing

5049-431: The bank is a member include: Multinational corporation Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were

SECTION 50

#1732786973767

5148-438: The bank opened a branch in Fajardo , Puerto Rico. In the following year, the bank opened a branch in London, and another in Santo Domingo , Dominican Republic. The bank also saw growth in Cuba, with five branches in Havana, and one branch each in Camagüey , Cienfuegos , Manzanillo , and Santiago de Cuba by 1931. During the mid-20th century, the bank grew not only in size but also in breadth of products and services. Progress

5247-416: The bank opened a branch in San Juan , Puerto Rico . The bank also grew with the merger and acquisition of other banks, including the Bank of New Brunswick in 1913, and the Toronto-based Metropolitan Bank in 1914. The acquisition of Metropolitan Bank made the Bank of Nova Scotia the fourth largest financial institution in Canada at that time. In 1919, the bank amalgamated with the Bank of Ottawa . In 1919,

5346-408: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

5445-407: The branch. Initially, investigators found that Oropesa and Jaime Ross, her former boss, had illegally transferred US$ 5 million from client investment accounts. The money was eventually transferred to the United States where it was used to purchase three aircraft. As the investigation continued, officials found an additional $ 9 million missing and involvement of 16 other bank employees in the fraud. Ross

5544-579: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

5643-604: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

5742-550: The company's S and globe monogram, and increasing use of the abbreviated name "Scotia". On February 14, 2024, Chief Executive Officer and Group Head, Global Banking and Markets Jake Lawrence left the bank after 22 years and joined the Power Corporation of Canada . His responsibilities are shared between Paul Scurfield to Global Head, Capital Markets, Global Banking and Markets, and Michael Kruse, acting as Interim Global Head, Corporate and Investment Banking, Global Banking and Markets. In February 2024, Bank of Nova Scotia announced

5841-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

5940-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

6039-598: The creation of first indigenous-owned investment dealer in Canada. Cedar Leaf Capital is a partnership between two indigenous development corporations and one indigenous peoples corporation. Each side owns 23.3% of the shares and Scotiabank controls the rest. At the same time, the bank will reduce its share once Cedar Leaf Capital has established its production. This initiative will facilitate access by aboriginal people (5% of Canada’s 40 million people) to investment and infrastructure development. In August 2024, Scotiabank and KeyCorp (a U.S. regional bank) announced that Scotiabank

SECTION 60

#1732786973767

6138-408: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Bank of New Brunswick The Bank of New Brunswick , established in 1820, was the first Canadian bank to operate under a charter. The bank operated independently in New Brunswick and later in Prince Edward Island until it merged with the Bank of Nova Scotia (now Scotiabank ) in 1913. The Bank of New Brunswick

6237-410: The end of the 19th century, the bank was represented in all of the Maritimes , Quebec , Ontario , and Manitoba . In 1900, the bank moved its headquarters to Toronto , Ontario. The bank continued to grow with the opening of new branches in the early 20th century. In 1906, the Bank of Nova Scotia opened a branch in Havana , Cuba, followed by a branch in New York City in the following year. In 1910,

6336-500: The existing 51 branches in both Central American nations. Scotiabank's former President, CEO and Chairman Cedric Ritchie died on March 20, 2016. He was a President of Scotiabank from 1972, and CEO and Chairman from 1974 to 1995. Under his leadership, Scotiabank expanded into more than 40 countries and grew to 33,000 employees. In 2017, Scotiabank join Enterprise Ethereum Alliance. In 2018, Scotiabank acquired Montreal investment firm Jarislowsky Fraser, also in 2018 Scotiabank completed

6435-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

6534-408: The former president of Peru , in money laundering. Later that year, in June 2019 it was announced that OFG Bancorp would acquire all branches of Scotiabank within Puerto Rico and the United States Virgin Islands territories as part of a $ 550 million cash deal. In 2019, Scotiabank underwent a rebranding, modifying its wordmark logo and introducing a new corporate font based on its design, downplaying

6633-407: The goal of solving Canadian debt. Scotiabank and Canadian theatre operator Cineplex Entertainment partnered in 2007 to create a loyalty rewards program called Scene+ . The program allows patrons to sign up for a special card that grants them points which can be redeemed for free movies or concession discounts. Scotiabank customers can also request a debit card which gives them points when used, and

6732-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

6831-466: The international oil market. Iran was unable to sell any of its oil. In August 1953, the then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by

6930-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

7029-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

7128-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

7227-494: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

7326-480: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

7425-541: The media showing that Scotiabank management had sought advice on terminating Berry prior to the Investment Industry Regulatory Organization of Canada (IIROC) violation accusation, and the results of questioning during the IIROC inquiries strongly suggest that the securities charges were part of a plan by Scotiabank senior management to remove Berry from his position and simultaneously prevent him from becoming their competitor. In

7524-636: The official sponsor for the Chilean Primera División after signing a five-year period contract in 2014. Scotiabank is also the official bank of the National Hockey League and National Hockey League Players' Association . It was named official bank of the 2007 Cricket World Cup . In 2010, Scotiabank was a sponsor of the World Rally Championship's Corona Rally Mexico . Since 2008, Scotiabank has been

7623-763: The official team sponsor of the Canadian cricket Team and the title sponsor of National T20 Championship in Canada . Scotiabank is also the official bank of the West Indies cricket team . Scotiabank is also the title sponsor for a number of athletic facilities. They include the Scotiabank Aquatics Center in Guadalajara ; Scotiabank Saddledome in Calgary (since October 8, 2010); and

7722-506: The opening up of the west, the bank's headquarters was moved to in Montreal. The Bank of Nova Scotia (Scotiabank) eventually moved its headquarters to Toronto - Canada's banking and financial centre. Like the other Canadian chartered banks established before the 1934 Bank of Canada Act , the Bank of New Brunswick and the Summerside Bank issued their own paper money. Around $ 30,000 in notes are in circulation. These notes can be reimbursed by

7821-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

7920-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

8019-501: The strong influence of the United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

8118-404: The world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking. With more than 89,000 employees and assets of CA$ 1,399 billion as of April 30, 2024 (according to Q2-2024 Report to Shareholders), Scotiabank trades on the Toronto ( TSX :  BNS ) and New York ( NYSE :  BNS ) exchanges. The Scotiabank swift code

8217-496: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States

8316-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

8415-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

8514-464: The years and purchased several other banks overseas. Most have been rebranded since their acquisition, although a few continue to utilize their former names. Several branches of the former Montreal Trust and National Trust were rebranded Scotiabank & Trust, and continue to operate as such. Scotiabank has four business lines: Scotiabank operates branches in all Canadian provinces and territories , except for Nunavut . One of Scotiabank mutual funds

8613-546: Was conditioned by changing consumer needs, legal changes, or acquisitions of external service providers. Major changes include: Following the passage of the National Housing Act , the Bank of Nova Scotia created a mortgage department in 1954. Further changes to the Bank Act of 1954 in 1958 led to the bank introducing its consumer credit program. The bank's branches in Cuba continued to operate until 1960, when

8712-557: Was convicted of fraud and money laundering for his role and sentenced to 15 years. Scotiabank terminated the other 16 employees, but did not prosecute them. In 2014, the bank reached a settlement in a class-action lawsuit that covered thousands of workers owed more than a decade of unpaid overtime. The lawsuit included 16,000 Scotiabank employees across Canada who worked as personal banking officers, senior personal banking officers, financial advisors, and small business account managers from January 1, 2000, to December 1, 2013. The 2007 lawsuit

8811-520: Was elected the first President of the Bank of New Brunswick and served until 1824 when he was succeeded by Charles Simonds . The Bank expanded through the acquisition of the City Bank of Saint John in 1839. By 1842, the bank held £100,000 in capital. Following the Great Fire in Saint John , the bank's headquarters were established in a new building built on Prince William Street in 1879, with

8910-493: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for the seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and

9009-631: Was established on March 25, 1820 in the pre- Confederation Province of New Brunswick , Canada, under a charter from the British government. It was founded in Saint John, New Brunswick by a group of the colony's prominent businessmen. At the time, Saint John was the largest city in the Maritime Provinces , exceeding in population both Halifax, Nova Scotia , and for a time during the 19th century, even Toronto, Ontario . John Robinson

9108-550: Was fired on the grounds that he had committed securities regulatory violations. At the time, as part of a 20 per cent direct drive deal, he was making more than double the CEO's salary and Scotiabank management had already taken steps to limit his compensation. The regulatory violation allegations from his former employer, left him unemployable to Scotiabank's competitors despite the appeal of potentially adding more than $ 75 million/year to their equity trading profits. Documents delivered to

9207-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

9306-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

9405-607: Was later renamed Tangerine in April 2014. As a result of the FATCA agreement between Canada and the United States , signed between the two countries in 2014, Scotiabank has also spent almost $ 100 million implementing a controversial system to report to the United States the account holdings of close to one million Canadians of American origin and their Canadian-born spouses. Scotiabank has been forced to implement this system in order to comply with FATCA . According to Financial Post , FATCA requires Canadian banks to provide information to

9504-701: Was limited to the Maritimes until 1882, when the bank moved west by opening a branch in Winnipeg , which later closed, but the bank continued to expand into the American Midwest . This included opening a branch in Minneapolis in 1885, which later transferred to Chicago in 1892. Following the collapse of the Commercial Bank of Newfoundland and Union Bank of Newfoundland on December 10, 1894,

9603-520: Was purchasing 14.9% of KeyCorp for approximately $ 2.8 billion. The parties expect to complete the purchase upon the satisfaction of customary closing conditions and the receipt of Federal Reserve approval, which is expected to occur in the first quarter of 2025. As part of the transaction, KeyCorp and Scotiabank plan to explore commercial opportunities to partner together in the future to best serve their respective client bases. The bank has amalgamated with several other Canadian financial institutions through

9702-426: Was similar to a class-action filed by Canadian Imperial Bank of Commerce (CIBC) bank teller Dara Fresco of Toronto. Under terms of the settlement, employees received 1.5 times their standard wage at the time, but no interest. Scotiabank also paid legal fees of $ 10.45 million. In June 2005, David Berry, a very successful Canadian Scotiabank trader who had built a $ 75 million/year business in trading preferred shares,

9801-513: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, the United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production

#766233