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The Bank of Nova Scotia SWOT & PESTLE Analysis

ID : 52594453| Oct 2019| 15 pages

COMPANY PROFILE -The Bank of Nova Scotia

Business Sector :Banking

Operating Geography :Canada, North America, Global

About The Bank of Nova Scotia :

The Bank of Nova Scotia operating as Scotiabank is a Canadian multinational company. It is Canada’s international bank and a leading financial service provider in the Americas. The Company was founded in Halifax, Nova Scotia in 1832; Scotiabank moved its executive offices to Toronto, Ontario, in 1900. The bank has billed itself as “Canada’s most international bank” due to its acquisitions primarily in Latin America and the Caribbean, and also in Europe and parts of Asia. The bank has its subsidiary with ScotiaMocatta, which is a member of the London Bullion Market Association and one of the five banks involved in gold fixing in London.
The bank serves over 25 million customers worldwide as of 2019 and provides a wide variety of advice, goods, and services including personal and commercial banking, wealth management and private banking, corporate and investment banking and capital markets. With over 97,000 staff and $998 billion assets as of October 31, 2018, Scotiabank trades on Toronto Stock Exchange and New York Stock Exchange.
The mission statement of Scotiabank reads “We are committed to being the institution of choice in the financial sector, providing superior products and services, and being a good corporate citizen to the benefit of our customers, shareholders, and staff.” The USP of the Bank of NovaScotia is being the third largest bank in Canada by deposits and market capitalization and a leading financial services provider in the Americas.

The Bank of Nova Scotia Revenue :


$29 billion – FY ended 31st October, 2018

Competitive Analysis of The Bank of Nova Scotia

SWOT
PESTLE
The SWOT analysis of The Bank of Nova Scotia is presented below:
Strengths
Weaknesses
1. Strong Distribution Network and Reach
2. Scotiabank is Canada’s International Bank and a leading financial services provider in the Americas
3. Achieve scale and strengthen presence in key markets via strategic acquisitions
4. Leveraging automation across different processes
5. Increased skills and leadership capabilities in core areas
1. BNS has lagged some of its Canadian peers on the wealth management front
2. High Attrition Rate in Workforce
Opportunities
Threats
1. Embracing advanced technologies to provide improved banking experience
2. Positive effect of 2019-2020 Budget and Tax policy on Nova Scotia Bank
3. Growth of E-Commerce industry in banking sector
4. Establish strong foothold in premium growth markets in the Pacific Alliance belt
1. Information Technology and Cyber security Risk
2. United Kingdom and European Regulatory Reform
3. Increasing inflation rate
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Detailed SWOT Analysis of The Bank of Nova Scotia

 

Strength

1. Strong Distribution Network and Reach: A strong distribution network coupled with a large number of outlets – 1000 branches and around 4000 banking machines – scattered across all states has made the bank’s products easily available to customers. International and Global financial services are provided within 55 countries globally. Latin America as well as Pacific Alliance countries of Peru, Chile, Mexico, Colombia and the Caribbean and Central America receive International Banking services, whereas Canada and Mexico, U.S., Latin America (excluding Mexico), and select markets in Europe, Asia, and Australia are provided with Global banking services. The bank is able to rise above its competitors through its marked international footprint that allows the bank to gain greater potential, growth and even a larger diversification of earnings and risk.

2. Scotiabank is Canada’s International Bank and a leading financial services provider in the Americas: The bank’s consulting, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets combine together to provide services to over 25 million customers. The bank in Latin America and the United States, has a strong wholesale presence that enables it to provide corporate and institutional customers connected to the Americas with better banking solutions and expertise. The bank aims at working towards the greater development of the Latin America and the U.S. markets as these constitute important markets for the Company. The bank is currently the 10th largest foreign banking organization by investments in the U.S.

3. Achieve scale and strengthen presence in key markets via strategic acquisitions: Scotiabank has invested $7 billion in 2018 in making several key acquisitions that will make it the possessor of high-quality assets, talent and technology. The acquisition of the technologically sophisticated BBVA Chile helped the bank go from being the 5th largest private bank in the country to becoming the third largest. The market share of the bank also almost doubled. The acquisitions of MD Financial Management (MD) and Jarislowsky Fraser (JF) in Canada are expected to improve the wealth and asset management businesses of the bank leading to higher fees generation and increased numbers of primary banking relationships. The acquisition of MD has earned the bank 500 new institutional customers. JF and Scotiabank together have created the 3rd largest Canadian active asset manager. The decade long close collaboration with CMA has helped promote Scotiabank exclusively as the preferred provider of financial products and services to physicians and their families in Canada.

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Weakness

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Opportunity

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Threat

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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in The Bank of Nova Scotia Analysis Report

1. The Bank of Nova Scotia annual report 2018 - https://www.scotiabank.com/ca/en/about/investors-shareholders/annual-report-and-meeting.html

2. The Bank of Nova Scotia website - https://www.scotiabank.com/corporate/en/home/corporate-responsibility/strategy/climate-change.html

3. Scotiabank reports fourth quarter and 2018 results - https://www.newswire.ca/news-releases/scotiabank-reports-fourth-quarter-and-2018-results-701318291.html

4. Scotiabank opens digital factory in Toronto - https://www.finextra.com/newsarticle/30047/scotiabank-opens-digital-factory-in-toronto

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SWOT & PESTLE.com (2019). The Bank of Nova Scotia SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/the-bank-of-nova-scotia/ [Accessed 18 Nov, 2019].

In-text: (SWOT & PESTLE.com, 2019)

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The Bank of Nova Scotia SWOT and PESTLE analysis has been conducted and reviewed by senior analysts from Barakaat Consulting.

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The Bank of Nova Scotia SWOT & PESTLE Analysis
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