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Scotiabank |
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An international bank with local spirit
Offering services in 50 different countries makes Scotiabank one of Canada's most established international financial services companies. And although these services may take the company around the globe, Scotiabank has been proudly headquartered in Toronto since 1900. In fact, the multi-national banking giant operates its three growth platforms out of this city, including domestic retail banking, international banking, and its investment bank and global trading activities.
"Toronto is the economic heartland of Canada," says Alberta Cefis, Executive Vice President & Group Head, Global Transaction Banking, Scotiabank. "Toronto is seen as a major centre for monetary and banking services. Being one of the largest organizations in Canada, and being Canada's most international financial services company, Scotiabank views Toronto as a natural hub. The fact that we're in Toronto is critical to our ability to compete."
A community feel
Scotiabank has grown alongside Toronto over the past 107 years. Today, the company's Greater Toronto Offices employ more than 15,000 people. Together, these people service hundreds of thousands of retail and commercial customers, as well as small businesses - all of which help create jobs and add fuel to the city's economy.
Finding the right people to fill these positions is no easy task and Scotiabank relies heavily on the diverse population that the city has to offer.
"Toronto has the world-class people and services Scotiabank needs to compete as an international company," says Cefis. "At the same time, we're also an important part of the local community, helping our retail, commercial and Bay Street customers achieve their financial and business goals."
Part of that local community commitment means supporting local community projects. Last year, Scotiabank provided $11 million in corporate donations and sponsorships to Toronto-based groups. These monies went to healthcare and education projects, community services, culture, and the arts. This year, Scotiabank's CEO, Rick Waugh, is serving as Chair of the United Way's Toronto campaign.
"Our employees are a major source of volunteers for a host of charities and community organizations across the city," says Cefis. "They help to raise millions of dollars for valuable projects."
A passion for commitment
The breadth and degree of help that Scotiabank's employees provide to their communities is as diverse as the people themselves. But the commitment is one that goes well beyond the surface. Cefis herself is actively involved in volunteer work as Chair of the Board for Opera Atelier, a Toronto-based baroque opera company with an internationally recognized reputation.
"For me, it's a passion for what I am doing," she explains. "I fell in love with the work that we do. There aren't too many baroque opera companies out there. It's a niche company with a world-class reputation."
Cefis' work at Opera Atelier allows her to see first-hand the differences that the company makes in the communities in which it operates. "We do a lot of community and outreach programs where we teach the kids all about opera," she says, "Opera Atelier is a very special company on both an educational and artistic front."
According to Cefis, the international recognition of Toronto as a major cultural centre contributes to its overall reputation as a great place to do business.
Cefis is also involved in a number of other community endeavours, including the National Advisory Committee for the United Nations' 2006 World Urban Forum.
A big company with a big heart
Like Opera Atelier, Scotiabank remains committed to its employees and to the work that they do to help support their local communities. The fact that the company's corporate headquarters are based in Toronto enables Scotiabank to do this on a grand scale.
"The $11 million in corporate donations and sponsorships doesn't begin to include the all of the hours and efforts that were made by people at every level of our company," says Cefis. "Scotiabank is dedicated to helping the communities in which we live and work."
Total assets for Scotiabank in 2005 were $314 billion. The company had a net income that year of $3.2 billion, making it one of Canada's largest financial institutions and the second largest bank by market capitalization.
But, although big in size, Scotiabank is also big in spirit - helping to make a difference in the many different communities in which it operates.
"More than ever, today's successful companies rely on the strengths of their people," concludes Cefis. "And the most talented and successful people want to live in a vibrant and culturally diverse city like Toronto."
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