BUSINESS

Bank of Nova Scotia brings wholesale units under 'Scotiabank' name

01/28/2012 07:28 EST | Updated 03/29/2012 05:12 EDT
TORONTO - The Bank of Nova Scotia says it is consolidating all its wholesale financial services under the Scotiabank name to better capitalize on the strong international reputation of the brand.

Canada's most international bank (TSX:BNS) says Scotia Capital, ScotiaMocatta and Scotia Waterous operations have been rebranded to Scotiabank effective immediately.

Scotiabank's overall wholesale financial services business line will be known as Global Banking and Markets.

The line provides corporate and investment banking and capital markets products and services to clients around the world through 30 international offices.

Bank president and CEO Rick Waugh says the common brand identity will help enhance the products and services Scotiabank offers to clients who require both global and local solutions.

"A unified brand allows us to focus on establishing stronger, deeper relationships with these clients and gives individual business units - such as Global Banking and Markets - the opportunity to leverage Scotiabank's unique ability to deliver comprehensive financial solutions to customers," Waugh said in a statement Saturday.

Steve McDonald, head of global corporate and investment banking said the bank was better known internationally to its wholesale clients as "Scotiabank," so it made sense to simplify the corporation's image.

"This allows us to leverage the strength and stability of Scotiabank and its balance sheet and ratings, as well as its established brand equity internationally," he said.

Scotiabank, with 70,000 employees, operates in North America, Latin America, the Caribbean, Europe and Asia.