Scotiabank confirmed on May 7 its plans to create a Global Wealth Management business line, effective November 1, 2019.
The bank says this move reflects its commitment to accelerating its wealth management strategy, following the acquisitions of MD Financial Management and Jarislowsky Fraser, and its efforts to achieve scale across Canada and in its key international markets.
Scotiabank also announced that in preparation for this new business line, and the changes to the Canadian Banking business unit, James O'Sullivan, Group Head of Canadian Banking, has decided to transition to a strategic advisor role for the Bank, effective June 1. He will remain with the Bank advising on key banking and policy matters, says Scotiabank.
Dan Rees will take on the position of Group Head, Canadian Banking, effective June 1, where he will be responsible for Personal, Commercial Banking and Insurance businesses in Canada.
"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, President and CEO, Scotiabank.. "His passion for improving the customer and employee experience will be instrumental in ensuring the continued success of the Canadian Bank."