Background
Scotibank.com (2016), states that Scotiabank initially opened doors in Port-of-Spain, Trinidad and Tobago. However reopened in 1954 and expanded with new branches in the late 1960s.
The Bank of Nova Scotia Trinidad and Tobago Limited in 1973 bringing there total branches to 13. Over 17,000,000 shares were issued acquiring 23 per cent of holdings. In 1979, additional shares were sold, raising local shares to more than 50 per cent. In 1998, the bank's name was changed to Scotiabank Trinidad and Tobago Limited.
Today, Scotiabank Trinidad and Tobago Limited has 1,350 employees, 97 automated teller machines (ATMs), 25 branches and 6 sales centers, offering a broad range of retail and commercial cash management services.
Vision Statement
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Strengths
Using its competitive advantage, Scotiabank has established itself as a driving force in the banking industry. It has won the Bank of the Year award in 2014, 2015 and 2016 because to their approach in making banking easier and more accessible through expansion of their e-commerce banking, credit, investments and insurance offers. They have also been acknowledged for creating employment opportunities, contributing towards economic growth (GDP) and sustaining international trade.
Weaknesses
As an institution in the banking sector, Scotiabank is left vulnerable to fraudulent activities from both internal and external predators. Its physical and cyber security measures have created restrictions but there have been instances where security was exposed with most recent being an armored heist in 2014 where close to quarter of a million insured cash was stolen along with other banks exposing their security weakness. Other instances card skimming, fraudulent cheques and ATM tampering and the circulation of counterfeit notes have encouraged the bank to sharpen up on security measures as crooks have gotten more
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The objective of this report is to analyze and evaluate Scotiabank’s primary business activities and financial data to determine whether or not it would be a good employer of recent University of Calgary graduates. This report includes sections such as company introduction, marketing and operations management, corporate social responsibility and recent issues, and financial information.
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