Bank of Nova Scotia announced on Tuesday a change in organizational structure and a series of executive appointments, which it says will enable the bank to capitalize on opportunities for strategic growth.

“We have long been a leader in the international markets where we operate,” said Rick Waugh, Scotiabank president and CEO. “With these changes Scotiabank will be well-positioned to seize significant global business opportunities that align with our strategic plans.”

Scotiabank announced a reorganization into four business lines:

– Canadian Banking
– International Banking
– Scotia Capital
– Global Wealth Management

Global wealth management becomes the fourth pillar in the bank’s strategy of diversification across multiple geographies, product lines and businesses. The bank’s existing wealth management and insurance activities in Canada and internationally will be combined into the global wealth management unit, along with global transaction banking.

Scotia Capital will have a broader mandate, to capitalize on the significant wholesale opportunities in international markets where Scotiabank has a strong presence, such as Latin America and Asia. Scotia Capital will continue to be led by its existing co-CEOs and group heads, Mike Durland, who is responsible for global capital markets, and Steve McDonald, who leads global corporate and investment banking.

“The changes we are announcing today will accelerate the progress of several initiatives that are well underway,” said Waugh.

To support these changes to organizational structure, Scotiabank is making the following senior leadership appointments:

– Chris Hodgson becomes group head of global wealth management
– Rob Pitfield becomes group head and chief risk officer
– Brian Porter becomes group head of international banking
– Anatol von Hahn becomes group head of Canadian banking

“Scotiabank remains firmly committed to our five key business priorities: sustainable revenue growth, capital management, leadership, prudent risk management and expense management,” said Waugh. “This new structure leverages our progress to date and positions us to compete and win in the global marketplace, recognizing the breadth and diversification of Scotiabank, the strength of our team and our successful business model.”

IE