Author: Joseph Schull And J. Douglas Gibson
The Bank of Nova Scotia opened for business in Halifax on August 29th 1832. Since 1865, nearly forty million dollars had been lost due to bank failures and scandals. In 1909, a concerned Scotia Bank general manager introduced an inspector's pamphlet and external-banking audits soon became a standard practice by government regulators. The bank's conservative management paid close attention to credit quality and viewed success not in large profits but in small losses. The Bank of Nova Scotia's dedication to servicing clients took them from Minneapolis, Chicago and south to the Caribbean and then across the ocean to Kingston Jamaica. This dedication and drive to service clients anywhere and everywhere they conducted their business affairs transformed the Bank of Nova Scotia into Canada's most international bank.