Scotiabank confirms creation of Global Wealth Management business line effective November 1, 2019

Canadian Banking unit continues to focus on
Personal, Commercial Banking and Insurance businesses in Canada

TORONTO, May 7, 2019 /CNW/ - Scotiabank today confirms plans to create a Global Wealth Management business line, effective November 1^st, 2019. The new business line, Global Wealth Management, reflects our commitment to accelerating our 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 our key international markets. Canadian Banking will remain focused on growing Personal, Commercial Banking and Insurance businesses in Canada, delivering for our customers and driving our digital agenda.

In preparation for the fourth business line, and the changes to the Canadian Banking business unit, James O'Sullivan, Group Head of Canadian Banking has decided to take this opportunity to transition to a strategic advisor role for the Bank, effective June 1^st. James will remain with the Bank advising on key banking and policy matters.

"On behalf of the Board and Management, I would like to personally thank James for his continued and unwavering commitment to Scotiabank and his drive to build value for our customers, employees and shareholders," said Brian Porter, President and CEO, Scotiabank.

Canadian Banking
Dan Rees will be appointed Group Head, Canadian Banking, effective June 1^st, where he will be responsible for Personal, Commercial Banking and Insurance businesses in Canada. Dan brings deep banking and leadership experience to Canadian Banking, having held a number of increasingly senior roles in Wealth Management, Global Banking and Markets, Global Risk Management, Human Resources and International Banking since joining the Bank in 2000.

"Dan has a proven track record for driving results across the Bank, most recently in his role as Group Head of Operations, where his work has helped the Bank unlock value by better leveraging our global scale," said Brian Porter, CEO and President of Scotiabank. "His passion for improving the customer and employee experience will be instrumental in ensuring the continued success of the Canadian Bank."

Global Wealth Management
The Global Wealth Management business line will be led by Glen Gowland, Executive Vice-President, Global Wealth Management, where he will continue to grow the Bank's wealth management businesses across our geographical footprint. Glen has over 25 years of experience in investment management and banking and joined Scotiabank in 2000. Glen is a recognised industry leader and during his career, he has led and contributed to the development of every aspect of Scotiabank's wealth management business.

"Glen has been delivering exceptionally well for Scotiabank and our wealth and banking clients for almost 20 years," said Brian Porter, CEO and President of Scotiabank. "Under Glen's leadership we have accelerated our wealth strategy and positioned our business for the next phase of growth."

About Scotiabank
Scotiabank is Canada's international bank and a leading financial services provider in the Americas. We are dedicated to helping our more than 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 98,000 employees and assets of over $1 trillion (as at January 31, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank

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