![]() ![]() John’s,ĭespite this growth in branches, the bank realized it needed to relocate its general head office from Halifax to Toronto if it was to be a truly national company. Jamaica in 1889, making the Bank of Nova Scotia the first Canadian bank to open a branch outside of the United States or the United Kingdom. The first international branch opened in Kingston, Meanwhile, the bank opened nine new branches in New Brunswick and a branch in Winnipeg, marking itsīad business led the bank to close the Winnipeg branch in 1885 however, a Montréal branch opened shortly thereafter, in 1887. ![]() This merger created the second branch of the Bank of Nova Scotia, located in PEI. To grow the bank’s business outside the province, the Bank of Nova Scotia merged with the Union Bank of Prince Edward Island in 1883. This crisis led management to create the first formal rules and regulations for the bank’s operations. The total amount came to $315,000 - half of the In 1870, senior management at the bank discovered that the bank’s cashier (akin to a general manager), James Forman, had been stealing funds from the bank since 1844. Samuel Cunard,įounder of the famed British and North American Royal Mail Steam-Packet Company, was an early important client, helping to grow the bank ( see Cunard Company).Įarly challenges continued, however. Despite this, the Bank of Nova Scotia became the leading bank in the province. Growth, however, was slow due to competition with the many other banks in existence at the time. It also appointed independent agents to act on its behalf in other Nova Scotia towns. To grow its trade business, the bank entered into agreements with other financial institutions in London, Boston and New York. After much haggling, the dispute was settled and both banks began accepting the other's notes. The prices of imported gold and silver rose sharply as merchants and individuals used these metals as an alternate trading currency. In what became aĬurrency war, the dispute limited each bank’s ability to trade with the other. An early dispute arose between the private Halifax Banking Company and the Bank of Nova Scotia when each refused to honour the other’s banknotes. There was no common, national currency in Canada until theīank of Canada was established in 1935 meaning that at the time the Bank of Nova Scotia was created, banks issued their ownĬurrency notes. After some time spent organizing the bank, it officially opened for business on 10 August 1832, and was governed by a board of directors composed of businessmen, lawyers and After much debate, on 30 Marchġ832, the government gave its approval and the bank was formally incorporated. On 31 January 1832, 184 citizens signed a petition requesting the House of Assembly establish a public bank, and the next day offers to buy public shares were received. The few other banks in Halifax at the time were all private banks, meaning they selectively chose their customers,įavouring those with close family or business ties. Provide currency for trade transactions ( see Money in Canada). The Bank of Nova Scotia was founded in Halifax, by a group of local merchants and citizens who wanted a public bank, owned by shareholders and authorized by government, that could History of the Bank of Nova Scotia (Scotiabank) 19th Century
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