Scotiabank To Create Global Wealth Management Business Line - Quick Facts

(RTTNews) - Canadian lender Bank of Nova Scotia (BNS.TO, BNS), called as Scotiabank, on Tuesday confirmed its plans to create a Global Wealth Management business line, effective November 1, 2019.

Scotiabank noted that the new business line, Global Wealth Management, is part of the company's efforts to accelerate its wealth management strategy, following the recent acquisitions of MD Financial Management and Jarislowsky Fraser, and the bank's focus on achieving scale across Canada and key international markets.

Scotiabank's Canadian Banking will continue to focus on growing Personal, Commercial Banking and Insurance businesses in Canada.

In preparation for the fourth business line, and the changes to the Canadian Banking business unit, James O'Sullivan, Group Head of Canadian Banking will transit to a strategic advisor role for the Bank, effective June 1. O'Sullivan will remain with the bank, advising on key banking and policy matters.

Dan Rees will be appointed Group Head, Canadian Banking, effective June 1, where he will be responsible for Personal, Commercial Banking and Insurance businesses in Canada.

Scotiabank said that the Global Wealth Management business line will be led by Glen Gowland, Executive Vice-President, Global Wealth Management. Gowland has more than 25 years of experience in investment management and banking and joined Scotiabank in 2000.