74-740: Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company. Sun Life has a presence in investment management with over CAD $ 1.3 trillion in assets under management operating in a number of countries. Sun Life ranks number 235 on the Forbes Global 2000 list for 2022. Founded in Montreal , Quebec , as The Sun Insurance Company of Montreal in 1865 by Matthew Hamilton Gault (1822–1887), an Irish immigrant who settled in Montreal in 1842. However, operations actually began in 1871. By
148-1060: A 26% stake in this joint venture, and later increased its stake to 49%. The company received awards such as the Bhartiya Shiromani Puraskar in 2006 and the Silver award in the Insurance category at the ICAI Awards for Excellence in Financial Reporting in 2009. In 2011, ABSLI introduced the BSLI Foresight Plan, followed by the BSLI Wealth Secure Life Plan in 2012. In June 2023, ABSLI launched the Nishchit Pension Plan, aimed at assisting individuals in retirement planning. In August 2023, ABSLI announced
222-420: 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
296-869: A branch in Havana , Cuba, followed by a branch in New York City in the following year. In 1910, 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,
370-567: 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,
444-507: 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
518-638: A joint venture between the Aditya Birla Group and Sun Life since 1999. With more than $ 34 billion U.S. in assets under management as of 2017, Aditya Birla Sun Life Asset Management Company is one of the largest asset managers in India. Aditya Birla Sun Life Insurance was established on August 4, 2000, and began operations in 2001 with three insurance plans. The Insurance Regulatory and Development Authority (IRDA) granted registration in principle to Birla Sun Life. Initially, Sun Life Financial held
592-545: A property at University Avenue and King Street in downtown Toronto and constructed a new office complex, the Sun Life Centre , which was completed in 1984. For the largest employer of English-speaking people in Montreal, this would make things very difficult. Many, if not most, of Sun Life's Head Office employees in 1979 were not fluent in French. Sun Life was quite clear that this was the reason for its move when it made
666-541: A range of institutional alternative asset class funds to investors in Canada. In June 2019, Sun Life re-branded SLIM to SLC Management and fully merged its fixed income businesses, Ryan Labs Asset Management Inc. and Prime Advisors, Inc. with Sun Life Capital Management (U.S.) In addition, in July 2019, SLC's real estate division was merged under the name BentallGreenOak Real Estate. Sun Life operates in eight Asian markets - Indonesia, Singapore, Vietnam, China, Hong Kong, India,
740-602: 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
814-559: A significant ownership interest in the firm by selling its Canadian mutual fund subsidiaries to CI Financial in 2002. In addition, in July 2019, SLC's real estate division was merged under the name BentallGreenOak Real Estate. In December 2020, Dean Connor announced his intent to retire as President and CEO in August 2021. He was then replaced by Kevin Strain, who was the former Chief Financial Officer at Sun Life. Sun Life contributes to
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#1732780083901888-654: 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
962-566: Is a member of the London Bullion Market Association and one of fifteen accredited institutions which participate in 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
1036-835: 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
1110-771: 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
1184-922: Is done in the main Montreal office. There are also offices in Toronto, Vancouver, Halifax and Ottawa. Sun Life U.S. has the sixth-largest group benefits business in the United States and serves more than 60,000 employers in small, medium and large workplaces. In 2018, Sun Life U.S. was named one of the Top Places to Work in Massachusetts for 2018 by The Boston Globe . Sun Life's asset management operation includes subsidiaries: As of March 31, 2019, SLC Management's collective operations have assets under management of C$ 212 billion (US$ 159 billion). SLC Management, formerly Sun Life Investment Management (SLIM), began in 2014 when Sun Life created Sun Life Institutional Investments (Canada) Inc., to offer
1258-679: 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,
1332-490: 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
1406-486: 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 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
1480-899: 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
1554-586: The China Everbright Group to form Sun Life Everbright. In 2002, Sun Life Everbright was granted approval to sell life insurance in Tianjin, China, becoming the first foreign life insurance joint venture to operate in that city and its neighbouring counties. In 2011, Sun Life Everbright received regulatory approval in China to establish Sun Life Everbright Insurance Asset Management Company, only
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#17327800839011628-598: 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
1702-599: 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
1776-634: 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
1850-519: The 12th such license issued in China. Sun Life started operating in Hong Kong since February 22, 1892. There was a name change from SunLife Financial (HK) Ltd to Sun Life Hong Kong Ltd. Sun Life acquired CMG Asia ComServe Financial from Commonwealth Bank of Australia in 2005. For some years, it had taken over the MPF schemes from a number of other competitors in 2010s due to its strong performance of
1924-648: The ABSLI Nishchit Laabh Plan, a non-linked, non-participating individual life insurance savings plan. Sun Life entered the Philippines in 1895, and established its Cebu operations in the 1960s. As of 2019, Sun Life is the number one provider of insurance products to Filipinos. Sun Life has been in Asia since the early 1890s. In 1895, Sun Life began its operations in the Philippines through
1998-601: 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
2072-522: The English-speaking minority should be respected. The new government also promised a referendum on Quebec sovereignty, injecting instability into the Montreal business community. On January 6, 1978, Sun Life became the first large company to leave Quebec post-election, announcing that it would move its head office to rented space in Toronto, Ontario . Officially, Sun Life said it was motivated by
2146-716: 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
2220-679: The Hong Kong equity fund. For example, in 2016, Schroder Investment Management (Hong Kong) Limited transferred its MPF scheme to Sun Life Hong Kong. Birla Sun Life Asset Management , now known as the Aditya Birla Sun Life Mutual Fund (ABSLAMC), is an investment managing company registered under the Securities and Exchange Board of India . It is a joint venture between Sun Life and the Aditya Birla Group of India . Established in 1994, BSLAMC has been
2294-776: The Insurance Commission's 2023 report ranked Sun Life of Canada (Philippines), Inc. number 1 with P306.33 billion total assets and P8.79 billion net income. Hence, on its 129th anniversary, headed by CEO and Benedict Sison, it remained the top life insurance company for 13 consecutive years with P55.79 billion in Total Premium Income. Prudential plc Pru Life UK, however, later became top life insurance seller in 2023, and bested Sun Life of Canada Philippines by P472 million. In March 2021, Sun Life announced new sustainable investing commitments, including an additional C$ 20 billion in sustainable investments over
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2368-498: The Philippines and Malaysia. In 1891, the company persuaded businessman Ira Thayer to go to Asia to start an insurance business. Thayer set up a business in China in 1892 that went on to prosper for the next 54 years. Sun Life grew to become the biggest foreign insurer in China until the Second World War when it shut down operations. The company returned to China in 1995 via a joint venture. In 1995, Sun Life joined with
2442-569: 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
2516-614: 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
2590-566: The Sun Life Centre on King Street served as its headquarters. Previously, Sun Life Building in Montreal was the head office. The Sun Life Building in Montreal is a historic 122 m (400 ft), 24-storey office building at 1155 Metcalfe Street on Dorchester Square in downtown Montreal. Canadian Too Many Requests If you report this error to the Wikimedia System Administrators, please include
2664-577: The Toronto ( TSX : BNS ) and New York ( NYSE : BNS ) exchanges. The Scotiabank swift code 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
2738-600: 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
2812-596: The United States or the United Kingdom. In 1899, Scotiabank opened a branch in Boston , Massachusetts . By 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
2886-536: 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
2960-431: 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 ,
3034-547: The announcement. The PQ government was quick to label Sun Life "bad corporate citizens" and claimed that if "they had only warned us, we could have worked something out." The downsizing of Sun Life's Montreal office did not take place overnight. Transfers and moves occurred on a departmental basis and did not commence until several months after the announcement. By 1980, 300 head office employees were located in Toronto. In 2008, Sun Life sold its 37% interest in CI Financial Income Fund to Scotiabank . Sun Life had originally acquired
Sun Life Financial - Misplaced Pages Continue
3108-426: 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
3182-413: The bank amalgamated with the Bank of Ottawa . In 1919, 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,
3256-508: The bank grew not only in size but also in breadth of products and services. Progress 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
3330-409: 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
3404-401: The building. In 1977, the newly-elected sovereigntist Quebec government passed the Charter of the French Language (known as Bill 101), making the use of French language mandatory for medium- and large-scale companies when communicating with French-speaking staff. The law was received negatively by the English-speaking business community, many of whom perceived that the historical rights of
3478-442: The century took the form of branch openings. The bank launched its branch banking system by opening in Windsor , Nova Scotia. The expansion 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
3552-418: The collapse of the Commercial Bank of Newfoundland and Union Bank of Newfoundland on December 10, 1894, 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
3626-452: The company sold its first group life plan in the U.S. in 1924. In World War II , as part of Operation Fish , securities from the United Kingdom were secretly moved to the Sun Life Building for safekeeping. A persistent, but incorrect, rumour is that the Crown Jewels of the United Kingdom had been illegally shipped out of the United Kingdom during WWII and stored there was deliberately spread in Montreal to account for increased activity at
3700-552: 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
3774-599: 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
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#17327800839013848-476: The details below. Request from 172.68.168.237 via cp1104 cp1104, Varnish XID 203516974 Upstream caches: cp1104 int Error: 429, Too Many Requests at Thu, 28 Nov 2024 07:48:04 GMT Scotiabank 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
3922-401: The end of the 19th century, it had expanded to Central and South America, the United States , the United Kingdom , West Indies , Japan , China , Philippines , India , North Africa and other international markets. During the next five decades, the company grew and prospered, surviving the difficulties of World War I and the large drain on its finances through policy claims arising from
3996-503: 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
4070-409: 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
4144-407: 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
4218-417: The large number of deaths caused by the Great Flu Epidemic of 1918. The company's original Dominion Square building in Montreal was built in 1918. Capping a Montreal construction boom that began in the 1920s, the company completed construction of the expansion of its headquarters with its new 26-story headquarters north tower in 1933. Although the head office of the Royal Bank of Canada on St. James Street
4292-407: The local economy as one of the top 5 major employers in the region, with approximately 3,500 employees – more than 40% of Sun Life's employee base in Canada. In 2012, Sun Life celebrated the 100th anniversary of its Canadian head office building, located on King Street, right on the border of the Cities of Kitchener and Waterloo. The English headquarters is in Waterloo, and most of the French business
4366-440: 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
4440-404: The next five years across its General Account and third party investments. The company is also pushing to scale back its GHG emissions intensity by 30% by 2030. Sun Life committed to having 25% of under-represented minorities and gender parity at senior leader level by 2025. Sun Life Global Headquarters in Toronto , Ontario , is located at One York Street in Toronto's South Core. The building
4514-412: 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
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#17327800839014588-407: 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
4662-407: The political instability and economic uncertainty of Quebec's future, but skeptics said it was the company's unwillingness to comply with the requirements of Bill 101. In a reaction the next day, the province's finance minister Jacques Parizeau called Sun Life "one of the worst exporters of Quebec capital", and threatened to freeze some $ 400 million CAD in assets. In 1979, the company acquired
4736-414: The representation of the H.J. Andrews and Co., a British trading firm. Throughout the Philippine Revolution, Sun Life Philippines experienced continuous growth. Sun Life had underground operations during the Japanese Occupation which occurred between 1942 and 1945. Sun Life was the only life insurance company who paid post-war death claims amounting to USD 1.3 million even without documents attesting to
4810-403: The validity of the claims. In the end, all claims were found to be legitimate. Through the years, Sun Life flourished even as the country faced economic crises and martial law (1972-1981). In 2011, Sun Life signed a joint venture agreement with the Yuchengco Group of companies for the creation of Sun Life Grepa Financial Inc. marking Sun Life's entry into the bancassurance business. In 2023,
4884-467: 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
4958-559: 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
5032-411: Was developed by Menkes Developments Ltd, and Healthcare of Ontario Pension Plan (HOOPP), which is also a tenant of the building. The 800,000 square-foot office tower is LEED Platinum certified under the Canada Green Building Council . This location along the Gardiner Expressway is a prominent position on the Toronto skyline, Before the Corporate Office moved to its new Global HQ at One York Street,
5106-504: 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
5180-423: Was founded in 1832 in Halifax , Nova Scotia , a British colony at that time. The bank was incorporated by 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
5254-556: 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
5328-521: 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
5402-428: 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,
5476-552: Was taller by several floors, the Sun Life Building was at the time the largest building in terms of square footage anywhere in the British Empire . Chartered in 1865, its traditional base business worldwide remains life insurance. However, it now also has significant asset management operations. In 1919, it was the first Canadian company to offer group life insurance. Having begun its first US operations in 1895,
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