Scotiabank was founded in Halifax, Nova Scotia in 1832. Its former name was Bank of Nova Scotia, which aimed to facilitate the trans-Atlantic trade during those times. The bank had eventually launched its branch banking system and this one sprung up in Windsor, Nova Scotia. The expansion of the bank was limited only to the Maritime Provinces until it moved westward and opened a branch in Winnipeg, Manitoba in 1882. Later on, the Manitoba branch closed but the experience on doing businesses with a grain town had inspired and encouraged the bank to continue and expand its operation in the American Midwest including the states of Minneapolis in 1885 and Illinois in 1892.
By the turn of the twentieth century, the Bank of Nova Scotia had opened 38 bank branches all across Canada, Jamaica, and the United States of America. In Canada, the Bank of Scotia was represented in Quebec, Ontario, Manitoba, and all of the Maritime Provinces. In the year 1892, the bank was the first to be established in Newfoundland – 55 years before its dominion joined the Confederation.
During the time of the early expansion of the bank, Scotiabank clearly followed trades and customer businesses like the sugar trade, rum and fish in the Jamaican regions. They did this as a strategy to enter the international financial markets.
When it comes to the bank’s affiliations and memberships, Scotiabank is basically connected to various international alliances and organizations. In fact, Scotiabank is a member of the Global ATM Alliance, a joint venture team that allows every customer to use their ATM cards or check cards at different banks that also have affiliations with the Global ATM Alliance.
Customers can do transactions with no fees whenever they travel internationally. Other participating banks which can be accessed internationally are Barclays in United Kingdom, Bank of America in the United States of America, BNP Paribas in France, Deutsche Bank in Germany and Westpac in New Zealand and Australia.
Scotiabank is also a member of the Canadian Banker’s Association or CBA and a registered member of the Canada Deposit Insurance Corporation or CDIC. CDIC is a federal member agency which insures deposits at all Canada’s chartered banks. Scotiabank is also a member of the following:
- VISA International
- MasterCard in the Caribbean markets
- Plus Network for VISA card users
- NYCE ATM Network
- CarIFS ATM Network
- LINX ATM network
- MultiLink ATM network
- MAGNA Rewards as a part of the Scotiabank MAGNA MasterCard.
Scotiabank International Operations
Scotiabank also have banking operations all across Mexico since it purchased the Mexican Bank Inverlat. Scotiabank in Mexico deals in all aspects of business banking, personal banking, and property and/or auto loans.