It's official: Bank of Nova Scotia's securities unit has a new name.
As reported here in November, the bank is moving to make its brands more consistent globally and Scotia Capital, the name on its securities business for more than a decade, did not survive the cull.
Scotiabank announced on the weekend that Scotia Capital will now be known as Scotiabank Global Banking and Markets. So too will Scotia Waterous, the bank's oil and gas advisory business, and ScotiaMocatta, the bank's precious metals business.
The moves are part of a Scotiabank plan to cut the number of global brands it has in half to about 30, and to increase the focus on "Scotiabank" as a consistent theme.
"Internationally we are better known to our wholesale clients as Scotiabank and as we continue our expansion, it makes sense for us to simplify our image and provide clients with a unified, seamless experience under the Scotiabank brand," Steve McDonald, the co-CEO of what used to be Scotia Capital, said in a release. "This allows us to leverage the strength and stability of Scotiabank and its balance sheet and ratings, as well as its established brand equity internationally, especially in Latin America and Asia-Pacific."
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