Scotiabank appoints new president to spice up enterprise in Quebec

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The Bank of Nova Scotia has created a brand new govt place to extend its deal with Quebec, a area the place the Toronto-headquartered financial institution feels it wants “extra boots on the bottom to generate extra enterprise.”

The financial institution appointed Jean-François Courville as president, Quebec, as a part of its “Grow Quebec” technique.

“(Courville) will lead our Quebec-based govt leaders in figuring out key enterprise progress alternatives, levering established consumer relationships and constructing new relationships throughout the Quebec area,” Aris Bogdaneris, Scotiabank’s head of Canadian banking, mentioned in an announcement.

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At Scotiabank’s investor day in December, Bogdaneris instructed shareholders the financial institution plans to proceed including relationship managers to “geographic white spots” the place it wants “extra boots on the bottom to generate new enterprise. Quebec and British Columbia are a precedence.”

Chief govt Scott Thomson, whereas addressing shareholders in April final 12 months, mentioned he desires to develop the lender’s presence in each Quebec and British Columbia, the place “we’re underpenetrated.”

The transfer additionally appears to suit with Scotiabank’s new technique of allocating extra capital in North America, one thing it first introduced in December. Its rapid focus was to allocate a higher share of capital to Canada in addition to recycle capital from its Latin American companies to its company enterprise within the United States.

Scotiabank has the most important worldwide footprint amongst its Canadian friends, however its companies in Latin America have too many purchasers utilizing just one banking product, Thomson mentioned in December.

In August, the lender agreed to purchase 14.9 per cent of Cleveland-based KeyCorp for about $3.9 billion. On a convention name with traders in late August, Thomson described the funding as “a low-cost, low-risk means” of stepping into an “unsure” U.S. market.

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“(It) permits us to dip our toe within the water, be taught concerning the market and really get the advantages … from developed market earnings over time,” he mentioned.

Courville will be a part of the financial institution on Nov. 12 from Purpose Unlimited, a Canadian monetary providers and know-how firm the place he’s president and chief consumer officer. Previously, he held govt roles at Wealthsimple Inc. and RBC Wealth Management, and he led Manulife Asset Management globally in addition to State Street Corp.’s Canadian enterprise. 

• Email: nkarim@postmedia.com

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