Skip to main content

Cedrick Ritchie, former chairman of the board and CEO of the Bank of Nova Scotia, poses at Canada Life Financial Corporation's annual meeting in Toronto, Ontario, Canada on Thursday May 2, 2002.

Norm Betts/Bloomberg News

Cedric Ritchie, the man who transformed Bank of Nova Scotia into a truly international bank, has died. He was 88.

Originally from Upper Kent, N.B., Mr. Ritchie started working at the bank in 1945 in a branch in his home province and rose to become president in 1972, followed by chief executive and chairman from 1974 to 1995.

Under his watch, Scotiabank focused on international expansion. In 1978, he was among the group of senior Canadian executives who made the trek to China to open relations under then-prime minister Pierre Trudeau. The mission helped create the Canada China Business Council, which aimed to boost the amount of work the two countries did together.

Story continues below advertisement

Mr. Ritchie is best-known for his devotion to Latin America. When rival banks unloaded much of their exposure to the "lesser developed country" loans in the 1980s, Scotiabank stuck around and eventually expanded. Today, Scotiabank is focused on expanding in Mexico, Chile, Colombia and Peru.

Mr. Richie led the bank for more than two decades, and stayed on as chairman until 1995, when he was succeeded by Peter Godsoe.

Report an error Editorial code of conduct
Tickers mentioned in this story
Unchecking box will stop auto data updates
Comments

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • All comments will be reviewed by one or more moderators before being posted to the site. This should only take a few moments.
  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed. Commenters who repeatedly violate community guidelines may be suspended, causing them to temporarily lose their ability to engage with comments.

Read our community guidelines here

Discussion loading ...

Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.
Cannabis pro newsletter