124-740: 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
248-659: A permanent resident who lives in Canada for three out of four years and meets specific requirements. Canada established its own nationality law in 1946, with the enactment of the Canadian Citizenship Act which took effect on January 1, 1947. The Immigration and Refugee Protection Act was passed by the Parliament of Canada in 2001 as Bill C-11, which replaced the Immigration Act, 1976 as
372-1060: 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
496-420: 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
620-816: 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,
744-667: A century or more before, the first group of permanent settlers were the French , who founded the New France settlements, in present-day Quebec and Ontario ; and Acadia , in present-day Nova Scotia and New Brunswick , during the early part of the 17th century. Approximately 100 Irish-born families would settle the Saint Lawrence Valley by 1700, assimilating into the Canadien population and culture. During
868-567: 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,
992-811: A daily basis. Additionally, Canadians speak several sign languages ; the number of speakers is unknown of the most spoken ones, American Sign Language (ASL) and Quebec Sign Language (LSQ), as it is of Maritime Sign Language and Plains Sign Talk . There are only 47 speakers of the Inuit sign language Inuktitut . English and French are recognized by the Constitution of Canada as official languages. All federal government laws are thus enacted in both English and French, with government services available in both languages. Two of Canada's territories give official status to indigenous languages. In Nunavut , Inuktitut , and Inuinnaqtun are official languages, alongside
1116-507: 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
1240-638: 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
1364-540: A large influx of South Asians , who tended to settle in British Columbia . Immigrants of all backgrounds tend to settle in the major urban centres . The Canadian public, as well as the major political parties, are tolerant of immigrants. The majority of illegal immigrants come from the southern provinces of the People's Republic of China , with Asia as a whole, Eastern Europe , Caribbean , Africa , and
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#17327765789231488-718: A large portion of whom settled in New Brunswick. After the War of 1812 , British (including British army regulars), Scottish, and Irish immigration was encouraged throughout Rupert's Land, Upper Canada and Lower Canada . Between 1815 and 1850, some 800,000 immigrants came to the colonies of British North America, mainly from the British Isles as part of the Great Migration of Canada . These new arrivals included some Gaelic-speaking Highland Scots displaced by
1612-843: A number of Jesuits dedicated to converting indigenous peoples; an effort that eventually proved successful. The first large Protestant communities were formed in the Maritimes after the British conquest of New France, followed by American Protestant settlers displaced by the American Revolution. The late nineteenth century saw the beginning of a substantive shift in Canadian immigration patterns. Large numbers of Irish and southern European immigrants were creating new Catholic communities in English Canada. The settlement of
1736-545: 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
1860-541: 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,
1984-602: 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
2108-559: 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
2232-654: 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
2356-566: 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
2480-436: Is a product of its ethnicities , languages , religions , political , and legal system (s). Canada has been shaped by waves of migration that have combined to form a unique blend of art , cuisine , literature , humour , and music . Today, Canada has a diverse makeup of nationalities and constitutional protection for policies that promote multiculturalism rather than cultural assimilation . In Quebec, cultural identity
2604-835: 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
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#17327765789232728-771: 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
2852-502: Is an important part of Canada's political culture . With the role of Christianity in decline, it having once been central and integral to Canadian culture and daily life, commentators have suggested that Canada has come to enter a post-Christian period in a secular state, with irreligion on the rise. The majority of Canadians consider religion to be unimportant in their daily lives, but still believe in God. The practice of religion
2976-629: Is considered the father of Canadian Jewry. The Islamic , Jains , Sikh , Hindu , and Buddhist communities—although small—are as old as the nation itself. The 1871 Canadian Census ( first "Canadian" national census ) indicated thirteen Muslims among the populace, while the Sikh population stood at approximately 5,000 by 1908. The first Canadian mosque was constructed in Edmonton , in 1938, when there were approximately 700 Muslims in Canada. Buddhism first arrived in Canada when Japanese immigrated during
3100-922: 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
3224-693: Is now generally considered a private matter throughout society and within the state. The 2011 Canadian census reported that 67.3% of Canadians identify as being Christians ; of this number, Catholics make up the largest group, accounting for 38.7 percent of the population. The largest Protestant denomination is the United Church of Canada (accounting for 6.1% of Canadians); followed by Anglicans (5.0%), and Baptists (1.9%). About 23.9% of Canadians declare no religious affiliation, including agnostics , atheists , humanists , and other groups. The remaining are affiliated with non-Christian religions,
3348-469: Is strong, and many French-speaking commentators speak of a Quebec culture distinct from English Canadian culture. However, as a whole, Canada is a cultural mosaic : a collection of several regional, indigenous, and ethnic subcultures. Canadian government policies such as official bilingualism ; publicly funded health care ; higher and more progressive taxation ; outlawing capital punishment ; strong efforts to eliminate poverty ; strict gun control ;
3472-679: 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,
3596-490: 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
3720-419: The 2021 Canadian census , over 450 " ethnic or cultural origins " were self-reported by Canadians. The major panethnic origin groups in Canada are: European ( 52.5%), North American ( 22.9%), Asian ( 19.3%), North American Indigenous ( 6.1%), African ( 3.8%), Latin, Central and South American ( 2.5%), Caribbean ( 2.1%), Oceanian ( 0.3%), and Other ( 6%). Statistics Canada reports that 35.5% of
3844-899: 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
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3968-590: The Canadian Charter of Rights and Freedoms . Religion in Canada (2011 National Household Survey) Canada as a nation is religiously diverse, encompassing a wide range of groups, beliefs and customs. The preamble to the Canadian Charter of Rights and Freedoms references "God", and the monarch carries the title of " Defender of the Faith ". However, Canada has no official religion , and support for religious pluralism ( Freedom of religion in Canada )
4092-586: 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
4216-591: The First World War and Second World War helped to foster Canadian nationalism , however, in 1917 and 1944, conscription crisis' highlighted the considerable rift along ethnic lines between Anglophones and Francophones. As a result of the First and Second World Wars, the Government of Canada became more assertive and less deferential to British authority. With the gradual loosening of political ties to
4340-598: 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
4464-631: The Highland Clearances to Nova Scotia. The Great Famine of Ireland of the 1840s significantly increased the pace of Irish immigration to Prince Edward Island and the Province of Canada , with over 35,000 distressed individuals landing in Toronto in 1847 and 1848. Descendants of Francophone and Anglophone northern Europeans who arrived in the 17th, 18th, and 19th centuries are often referred to as Old Stock Canadians . Beginning in
4588-494: The Middle East . Estimates of numbers of illegal immigrants range between 35,000 and 120,000. Canadian citizenship is typically obtained by birth in Canada or by birth or adoption abroad when at least one biological parent or adoptive parent is a Canadian citizen who was born in Canada or naturalized in Canada (and did not receive citizenship by being born outside of Canada to a Canadian citizen). It can also be granted to
4712-599: 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
4836-597: The mother tongues of approximately 56% and 21% of Canadians, respectively. As of the 2016 Census, just over 7.3 million Canadians listed a non-official language as their mother tongue. Some of the most common non-official first languages include Chinese (1,227,680 first-language speakers), Punjabi (501,680), Spanish (458,850), Tagalog (431,385), Arabic (419,895), German (384,040), and Italian (375,645). Less than one percent of Canadians (just over 250,000 individuals) can speak an indigenous language . About half this number (129,865) reported using an indigenous language on
4960-634: 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
5084-413: 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
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5208-459: The 16th, 17th, and 18th centuries. The French colonists in Maritime Canada (New Brunswick, Nova Scotia, and Prince Edward Island), were known as Acadians . When Prince Edward (a son of King George III ) addressed, in English and French, a group of rioters at a poll in Charlesbourg , Lower Canada (today Quebec), during the election of the Legislative Assembly in June 1792, he stated, "I urge you to unanimity and concord. Let me hear no more of
5332-479: The 18th and 19th century; immigration westward (to the area known as Rupert's Land ) was carried out by " Voyageurs "; French settlers working for the North West Company ; and by British settlers ( English and Scottish ) representing the Hudson's Bay Company , coupled with independent entrepreneurial woodsman called coureur des bois . This arrival of newcomers led to the creation of the Métis , an ethnic group of mixed European and First Nations parentage. In
5456-433: The 1960s, opening the doors to immigrants from all parts of the world. While the 1950s had still seen high levels of immigration by Europeans, by the 1970s immigrants were increasingly Chinese, Indian, Vietnamese , Jamaican , and Haitian . During the late 1960s and early 1970s, Canada received many American Vietnam War draft dissenters . Throughout the late 1980s and 1990s, Canada's growing Pacific trade brought with it
5580-413: The 2000s were not born in the country. Statistics Canada projects that, by 2031, nearly one-half of Canadians above the age of 15 will be foreign-born or have one foreign-born parent. Indigenous peoples , according to the 2016 Canadian census , numbered at 1,673,780 or 4.9% of the country's 35,151,728 population. While the first contact with Europeans and Indigenous peoples in Canada had occurred
5704-411: The 247,243 total immigrants to the country. Canada resettles over one in 10 of the world's refugees and has one of the highest per-capita immigration rates in the world. As of a 2010 report by the Asia Pacific Foundation of Canada , there were 2.8 million Canadian citizens abroad . This represents about 8% of the total Canadian population. Of those living abroad, the United States, Hong Kong,
5828-405: The 36.3 million people enumerated in 2021 approximately 24.5 million reported being " white ", representing 67.4 percent of the population. The indigenous population representing 5 percent or 1.8 million individuals, grew by 9.4 percent compared to the non-Indigenous population, which grew by 5.3 percent from 2016 to 2021. One out of every four Canadians or 26.5 percent of
5952-399: 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
6076-406: 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
6200-401: 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
6324-554: 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
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#17327765789236448-464: 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
6572-632: 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
6696-431: 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
6820-412: 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
6944-433: 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
7068-554: 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 Canadians ( French : Canadiens ) are people identified with the country of Canada . This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these connections exist and are collectively
7192-461: 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
7316-401: The United Kingdom and the modernization of Canadian immigration policies, 20th-century immigrants with African , Caribbean and Asian nationalities have added to the Canadian identity and its culture. The multiple-origins immigration pattern continues today, with the arrival of large numbers of immigrants from non-British or non-French backgrounds. Multiculturalism in Canada was adopted as
7440-507: The United Kingdom, Taiwan, China, Lebanon, United Arab Emirates, and Australia have the largest Canadian diaspora. Canadians in the United States constitute the greatest single expatriate community at over 1 million in 2009, representing 35.8% of all Canadians abroad. Under current Canadian law , Canada does not restrict dual citizenship , but Passport Canada encourages its citizens to travel abroad on their Canadian passport so that they can access Canadian consular services . According to
7564-547: 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
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#17327765789237688-424: 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
7812-409: The United States, and into Mexico. 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 is the third-largest Canadian bank by deposits and market capitalization . In 2023,
7936-536: 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
8060-431: 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 ,
8184-547: 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
8308-426: 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
8432-413: 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,
8556-508: 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
8680-421: The basis of a point system that accounts for age, health and labour-market skills required for cost effectively inducting the immigrants into Canada's labour market) and refugee class (those seeking protection by applying to remain in the country by way of the Canadian immigration and refugee law ). In 2008, there were 65,567 immigrants in the family class, 21,860 refugees, and 149,072 economic immigrants amongst
8804-409: 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
8928-587: 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
9052-676: 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
9176-598: 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
9300-644: 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
9424-619: 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
9548-401: 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
9672-446: The country and offer specialty television channels, newspapers, and other publications in many minority languages. In Canada, as elsewhere in the world of European colonies , the frontier of European exploration and settlement tended to be a linguistically diverse and fluid place, as cultures using different languages met and interacted. The need for a common means of communication between the indigenous inhabitants and new arrivals for
9796-670: The course of many years following the formation of the Canadian Confederation in 1867. The First and Second World Wars , in particular, gave rise to a desire among Canadians to have their country recognized as a fully-fledged, sovereign state, with a distinct citizenship. Legislative independence was established with the passage of the Statute of Westminster, 1931 , the Canadian Citizenship Act, 1946 , took effect on January 1, 1947, and full sovereignty
9920-481: The course of nearly two centuries and continue today. Elements of Indigenous, French, British, and more recent immigrant customs, languages, and religions have combined to form the culture of Canada , and thus a Canadian identity . Canada has also been strongly influenced by its linguistic, geographic, and economic neighbour—the United States. Canadian independence from the United Kingdom grew gradually over
10044-599: 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
10168-602: The early 1900s led to the continuous journey regulation act of 1908 which indirectly halted Indian immigration to Canada, as later evidenced by the infamous 1914 Komagata Maru incident . The population of Canada has consistently risen, doubling approximately every 40 years, since the establishment of the Canadian Confederation in 1867. In the mid-to-late 19th century, Canada had a policy of assisting immigrants from Europe , including an estimated 100,000 unwanted " Home Children " from Britain. Block settlement communities were established throughout Western Canada between
10292-463: 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
10416-586: 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
10540-552: 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
10664-407: 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
10788-485: 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
10912-542: The largest of which is Islam (3.2%), followed by Hinduism (1.5%), Sikhism (1.4%), Buddhism (1.1%), and Judaism (1.0%). Before the arrival of European colonists and explorers, First Nations followed a wide array of mostly animistic religions . During the colonial period, the French settled along the shores of the Saint Lawrence River , specifically Latin Church Catholics , including
11036-644: The late 1850s, the immigration of Chinese into the Colony of Vancouver Island and Colony of British Columbia peaked with the onset of the Fraser Canyon Gold Rush . The Chinese Immigration Act of 1885 eventually placed a head tax on all Chinese immigrants, in hopes of discouraging Chinese immigration after completion of the Canadian Pacific Railway . Additionally, growing South Asian immigration into British Columbia during
11160-451: The late 19th and early 20th centuries. Some were planned and others were spontaneously created by the settlers themselves. Canada received mainly European immigrants, predominantly Italians , Germans, Scandinavians , Dutch , Poles , and Ukrainians . Legislative restrictions on immigration (such as the continuous journey regulation and Chinese Immigration Act, 1923 ) that had favoured British and other European immigrants were amended in
11284-534: The late 19th century. The first Japanese Buddhist temple in Canada was built in Vancouver in 1905. The influx of immigrants in the late 20th century, with Sri Lankan , Japanese , Indian and Southeast Asian customs, has contributed to the recent expansion of the Jain, Sikh, Hindu, and Buddhist communities. A multitude of languages are used by Canadians, with English and French (the official languages ) being
11408-820: The legalizing of same-sex marriage , pregnancy terminations , euthanasia and cannabis are social indicators of Canada's political and cultural values . American media and entertainment are popular, if not dominant, in English Canada; conversely, many Canadian cultural products and entertainers are successful in the United States and worldwide. The Government of Canada has also influenced culture with programs, laws, and institutions. It has created Crown corporations to promote Canadian culture through media, and has also tried to protect Canadian culture by setting legal minimums on Canadian content . Canadian culture has historically been influenced by European culture and traditions, especially British and French , and by its own indigenous cultures . Most of Canada's territory
11532-516: 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
11656-542: 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
11780-688: The mid-1700s brought a large Francophone population under British Imperial rule , creating a need for compromise and accommodation. The new British rulers left alone much of the religious, political, and social culture of the French-speaking habitants , guaranteeing through the Quebec Act of 1774 the right of the Canadiens to practise the Catholic faith and to use French civil law (now Quebec law ). The Constitution Act, 1867
11904-566: The national languages of English and French, and Inuktitut is a common vehicular language in territorial government. In the Northwest Territories , the Official Languages Act declares that there are eleven different languages: Chipewyan , Cree , English, French, Gwich'in , Inuinnaqtun, Inuktitut, Inuvialuktun , North Slavey , South Slavey , and Tłįchǫ . Multicultural media are widely accessible across
12028-404: 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
12152-548: The odious distinction of English and French. You are all His Britannic Majesty's beloved Canadian subjects." It was the first-known use of the term Canadian to mean both French and English settlers in the Canadas . As of 2010, Canadians make up 0.5% of the world's total population , having relied upon immigration for population growth and social development. Approximately 41% of current Canadians are first- or second-generation immigrants, and 20% of Canadian residents in
12276-589: The official policy of the government during the premiership of Pierre Trudeau in the 1970s and 1980s. The Canadian government has often been described as the instigator of multicultural ideology, because of its public emphasis on the social importance of immigration . Multiculturalism is administered by the Department of Citizenship and Immigration and reflected in the law through the Canadian Multiculturalism Act and section 27 of
12400-639: 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
12524-765: 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
12648-407: 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
12772-554: The population belonged to a non-White and non-Indigenous visible minority , the largest of which in 2021 were South Asian (2.6 million people; 7.1 percent), Chinese (1.7 million; 4.7 percent) and Black (1.5 million; 4.3 percent). Between 2011 and 2016, the visible minority population rose by 18.4 percent. In 1961, less than two percent of Canada's population (about 300,000 people) were members of visible minority groups. The 2021 Census indicated that 8.3 million people, or almost one-quarter (23.0 percent) of
12896-547: The population reported multiple ethnic origins, thus the overall total is greater than 100%. The country's ten largest self-reported specific ethnic or cultural origins in 2021 were Canadian (accounting for 15.6 percent of the population), followed by English (14.7 percent), Irish (12.1 percent), Scottish (12.1 percent), French (11.0 percent), German (8.1 percent), Indian (5.1 percent), Chinese (4.7 percent), Italian (4.3 percent), and Ukrainian (3.5 percent). Of
13020-515: The population reported themselves as being or having been a landed immigrant or permanent resident in Canada—above the 1921 Census previous record of 22.3 percent. In 2021 India, China, and the Philippines were the top three countries of origin for immigrants moving to Canada. Canadian culture is primarily a Western culture , with influences by First Nations and other cultures. It
13144-494: The primary federal legislation regulating immigration. Prior to the conferring of legal status on Canadian citizenship, Canada's naturalization laws consisted of a multitude of Acts beginning with the Immigration Act of 1910. According to Citizenship and Immigration Canada , there are three main classifications for immigrants: family class (persons closely related to Canadian residents), economic class (admitted on
13268-470: The purposes of trade, and (in some cases) intermarriage, led to the development of mixed languages . Languages like Michif , Chinook Jargon , and Bungi creole tended to be highly localized and were often spoken by only a small number of individuals who were frequently capable of speaking another language. Plains Sign Talk —which functioned originally as a trade language used to communicate internationally and across linguistic borders—reached across Canada,
13392-558: 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
13516-460: The source of their being Canadian . Canada is a multilingual and multicultural society home to people of groups of many different ethnic, religious, and national origins, with the majority of the population made up of Old World immigrants and their descendants. Following the initial period of French and then the much larger British colonization , different waves (or peaks) of immigration and settlement of non-indigenous peoples took place over
13640-468: 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,
13764-760: The wake of the British Conquest of New France in 1760 and the Expulsion of the Acadians , many families from the British colonies in New England moved over into Nova Scotia and other colonies in Canada, where the British made farmland available to British settlers on easy terms. More settlers arrived during and after the American Revolutionary War , when approximately 60,000 United Empire Loyalists fled to British North America ,
13888-501: The west brought significant Eastern Orthodox immigrants from Eastern Europe and Mormon and Pentecostal immigrants from the United States. The earliest documentation of Jewish presence in Canada occurs in the 1754 British Army records from the French and Indian War . In 1760, General Jeffrey Amherst, 1st Baron Amherst attacked and won Montreal for the British. In his regiment there were several Jews, including four among his officer corps, most notably Lieutenant Aaron Hart who
14012-467: 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
14136-486: Was achieved with the patriation of the constitution in 1982. Canada's nationality law closely mirrored that of the United Kingdom. Legislation since the mid-20th century represents Canadians' commitment to multilateralism and socioeconomic development . The word Canadian originally applied, in its French form, Canadien , to the colonists residing in the northern part of New France — in Quebec , and Ontario —during
14260-559: 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
14384-530: Was designed to meet the growing calls of Canadians for autonomy from British rule, while avoiding the overly strong decentralization that contributed to the Civil War in the United States. The compromises made by the Fathers of Confederation set Canadians on a path to bilingualism , and this in turn contributed to an acceptance of diversity. The Canadian Armed Forces and overall civilian participation in
14508-632: 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,
14632-553: 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
14756-553: 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
14880-580: Was inhabited and developed later than other European colonies in the Americas, with the result that themes and symbols of pioneers, trappers, and traders were important in the early development of the Canadian identity . First Nations played a critical part in the development of European colonies in Canada , particularly for their role in assisting exploration of the continent during the North American fur trade . The British conquest of New France in
15004-607: 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
15128-521: 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
15252-428: 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,
15376-552: 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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